A SUCCESSFUL 'FOUNDER'S SON': SOMETHING SPECIAL IN INTERNATIONAL BUSINESS
The Los Angeles Times reported on a remarkable success story (the original story is attached at the bottom of this blog entry). Under the leadership of the son of founder Chung (Chung junior is often addressed as 'MK") who took over as CEO in 1999 - at a time when Hyundai but also its affiliate KIA Motors were not exactly known for its quality - the growth of the brand was a well-orchestrated long-run success story. Globally they are one of the fastest growing car manufacturers.
MK Chung, the son of Hyundai's founder, who took over in 1999 as CEO of the South Korean brand, is definitely a top entrepreneur. He understood that his main task was to ensure that the brand wouldn't be treated as 'garbage' during the big auto shows. 'Quality at a reasonable price' instead of pure price competition was the firm's business model.
It worked in an industry that wasn't exactly an easy growth story. Most competitors are struggling. Chung didn't finish his work yet and set himself the goal to be among the top-5 car manufacturers in the world.
Successful founder's son:
Hyundai's CEO MK Chung
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