‘Little Jeong Ju-young’ Who Stayed on Site for 60 Years... Jeong Sang-young, Honorary Chairman of KCC, Passes Away

[Asia Economy Reporter Kim Jong-hwa] Jeong Sang-young, Honorary Chairman of KCC, passed away on the 30th due to a long illness. He was 84 years old.

Born in 1936 in Tongcheon, Gangwon Province, Honorary Chairman Jeong was the youngest brother of the late Jeong Ju-young, Honorary Chairman of Hyundai Group. Among the siblings, he resembled his older brother in appearance, speech, and gait, earning him the nickname "Little Jeong Ju-young." The deceased also cited his eldest brother, Honorary Chairman Jeong Ju-young, as the person he respected most.

His affection for "Hyundai" and the Jeong family was special. In 2003, during the "uncle-in-law conflict" with his niece-in-law Hyun Jeong-eun, Chairwoman of Hyundai Group, he famously stated, "The management rights of Hyundai Group belong to the Jeong family."

◆ Resembling his eldest brother, "Little Jeong Ju-young" = The late Honorary Chairman founded Geumgang Slate Industry, a construction materials company, in 1958 at the age of 22. Although Hyundai Construction, managed by Jeong Ju-young, was establishing itself, he expressed his intention to leave his elder brother’s shadow and pursue his own business. At that time, Jeong Ju-young said, "If that is your will, go ahead with your business. It would be better if it contributes to the nation and society," and even named the company "Geumgang" (meaning "diamond" or "adamant").

In 1974, he founded Korea Chemical and entered the paint business, and in 1989, he separated the construction division to establish Geumgang General Construction (now KCC Construction). In 2000, Geumgang and Korea Chemical merged to launch Geumgang Korea Chemical anew. In 2005, the company changed its name to KCC and grew into a global company in the field of new material precision chemistry, ranging from building materials to organic materials for semiconductors and silicon. Currently, KCC Group has grown to rank 32nd in the business world based on assets (11 trillion won as of 2020).

KCC has been recognized for contributing to the localization of building and industrial materials and industrial development for over 60 years. It developed paints, glass, and silicon, which were previously dependent on imports, and in 1987, succeeded in mass-producing semiconductor encapsulants (EMC) for the first time in Korea to secure advanced technological competitiveness. It also contributed to the localization of semiconductor materials by developing and commercializing semiconductor adhesives.

In 1996, it secured independent technology for water-based automotive paints. Since 2003, it began independently producing silicon raw materials (monomers) domestically for the first time, which had been entirely imported. As a result, Korea became the seventh country, after Germany, France, the United States, Japan, Russia, and China, to possess silicon manufacturing technology.

◆ Over 60 years overseeing management sites = The late chairman built a total of 30 factories, 20 domestic and 10 overseas, throughout his life. He was known for meticulously overseeing factory development as a civil and architectural engineer, drawing lines with a pencil directly on blueprints.

He emphasized that "industrial patriotism" is the essence of business and paralleled the growth of the Korean economy. Rare among founders, he remained on the management frontlines for over 60 years. Even after handing over management to his three sons in 2000 and becoming honorary chairman, he commuted daily to the KCC office in Seocho-dong, Seoul, to manage affairs until his health deteriorated late last year.

He was a modest and frugal leader who emphasized a sense of ownership and principled management to employees and executives and led by example. He also contributed hundreds of billions of won of personal funds to Dongguk University, Ulsan University, and others to help nurture talents needed by the nation.

◆ The end of the first-generation management of the Pan-Hyundai family = With the passing of Honorary Chairman Jeong, the first-generation management of the Pan (汎) Hyundai family, led by Hyundai Group founder Jeong Ju-young, has come to an end.

The eldest son who built Hyundai Group, Jeong Ju-young, passed away in 2001, followed by Jeong Se-young, Honorary Chairman of Hyundai Development Company, known as "Pony Jeong" (2005, fourth son), Jeong Soon-young, Honorary Chairman of Sungwoo Group (2005, third son), and Jeong In-young, Honorary Chairman of Halla Group (2006, second son). The eldest daughter, Jeong Hee-young, passed away in 2015, and the fifth younger brother, Jeong Shin-young, died prematurely at age 32 in 1962 in Hamburg, Germany, due to illness.

The Pan-Hyundai family transitioned to the second generation using the character "몽" (Dream) through management succession in the early 2000s, and now management rights have passed to the third generation, who use the character "선" (宣).

KCC stated, "Honorary Chairman Jeong’s health recently deteriorated, and he was hospitalized. The family gathered and was by his side at the time of his passing." Surviving family members include his wife, Mrs. Jo Eun-joo, and three sons: Jeong Mong-jin, Chairman of KCC Group; Jeong Mong-ik, Chairman of KCC Glass; and Jeong Mong-yeol, Chairman of KCC Construction. The funeral procession will be held at 9 a.m. on February 3.

This content was produced with the assistance of AI translation services.