Chung Mong-koo (born March 19, 1938, in Kangwon Province) is a South Korean businessman. He is the honorary chairman and former CEO of Hyundai Motor Group, Korea's second largest chaebol that manages 54 subsidiaries including Hyundai Motor, Kia Motors, and Hyundai Steel. He started his career in 1970, joining the engineering & construction division of the group. Chung succeeded his father, Chung Ju-yung, the founder of the conglomerate known as the Hyundai Group. When the conglomerate split into several parts in 1999, Chung Mong-koo took over the Hyundai Motor division. He is the eldest surviving son of Chung Ju-yung's eight sons. He was convicted of embezzlement and breach of fiduciary duty in February 2007, but was given a suspended sentence and was fully pardoned by President Lee Myung-bak. Education Graduated, Kyungbock High School Bachelor of Science in industrial engineering, Hanyang University Professional experience 2020–present: Honorary Chairman of Hyundai Motor Co. & Kia Motors Corp. 2000–2020: Chairman & CEO of Hyundai Motor Co. & Kia Motors Corp. 1996–1998: Chairman of Hyundai Group 1987–1998: CEO, Hyundai Motor Service 1986: CEO, Incheon Iron & Steel 1981: CEO, Hyundai Pipe 1977: CEO, Hyundai Precision & Industry 1970: started his career by joining Hyundai Engineering & Construction He also owns INNOCEAN Worldwide, an ad & marketing agency, with his eldest daughter Chung Sung-yi. Management Chung is described as a "vigorous septuagenarian" who comes to work at 6:30 a.m. and "personally heads monthly quality reviews with senior executives". Although he only holds 5.2% of Hyundai Motor’s stock, Chung "wields disproportionately strong control" and is able to control its board thanks to a complex corporate governance arrangements in which Hyundai Motor owns 34% of Kia, which owns 16.9% of Mobis, which in turn owns 20.8% of Hyundai Motor. This means that "because the companies essentially control each other, no outside shareholder is strong enough to name board members". Controversies 2007 embezzlement conviction In 2006, he and his family were targeted by the Seoul Supreme Prosecutor's Office as part of an investigation into embezzling 100 billion won ($106 million) from Hyundai to create slush funds to bribe officials. Despite a travel ban, Chung left South Korea in April 2006. Chung was arrested on 28 April 2006 on charges related to embezzlement and other corruption. On 5 February 2007 he was convicted of embezzlement and breach of fiduciary duty for selling securities to his son Chung Eui-sun at below-market