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Word: chung (lookup in dictionary) (lookup stats)
Dates: during 2000-2009
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...architect of Hyundai's rise is Chung, who was named chairman in 1998. Although his father, Chung Ju Yung, founded Hyundai Motor in 1967, it was clear the son would not get a free ride. Shortly before his appointment, the Korean economy had been slammed by the 1997 Asian financial crisis and Hyundai was forced to lay off 25% of its staff. Complicating matters, Hyundai agreed in 1998 to acquire South Korean rival Kia Motors, which had to be assimilated. Chung had little experience with the automotive industry?he had spent most of his career managing a smorgasbord of affiliates...

Author: /time Magazine | Title: Hyundai Revs Up | 4/18/2005 | See Source »

...Chung was quietly engineering a revolution. Revered by the staff as a member of the founding clan, he was able to gather information quickly and impose his will on the organization. After years managing the after-sales service operation, he concluded that quality problems were the crux of the company's ills. Suh Byung Kee, Hyundai's president, recalls Chung bursting into his office five years ago and saying: "Quality is crucial to our survival. We have to get it right no matter what the cost...

Author: /time Magazine | Title: Hyundai Revs Up | 4/18/2005 | See Source »

...Though Chung's revelation might seem obvious, it wasn't to Hyundai's staff. A premium had always been placed on making cars quickly and cheaply. Even Suh, who is in charge of Hyundai's quality-improvement efforts, admits, "When I first came to Hyundai, I, too, didn't think quality cars were important." But the new chairman made blemish-free manufacturing the top priority. To break down interdivisional barriers, Chung forced designers, engineers and factory managers to work as a team by creating joint committees to examine blueprints of new models and weed out potential defects. Twice a month...

Author: /time Magazine | Title: Hyundai Revs Up | 4/18/2005 | See Source »

...short run, Chung's obsession with quality can be costly. Last year, he delayed the launch of a new Sonata in Korea for two months while engineers cleaned up 50 minor defects. In 2003, he asked Lee, the senior R&D executive, to get rid of an annoying noise made by grinding gears in the transmissions of Kia Amanti sedans. Lee worried that he'd have to shut down production entirely to work on the problem. "I told him that we'd lose two months of sales," he recalls. "The chairman said: 'If it's for quality...

Author: /time Magazine | Title: Hyundai Revs Up | 4/18/2005 | See Source »

...course, quality isn't everything. Chung has also ramped up efforts to ensure Hyundai is competitive with Japanese benchmarks in technology and styling. Hyundai's R&D budget has expanded 110% since 1999, to $1.6 billion this year. Hyundai invested $200 million to open or expand research-and-design centers in California, Michigan, and near Frankfurt, Germany; a $60 million proving ground in California's Mojave Desert opened in January. In South Korea, Chung expanded his R&D headquarters, adding a new design center last year complete with a 3-D cinema for viewing virtual models of new cars...

Author: /time Magazine | Title: Hyundai Revs Up | 4/18/2005 | See Source »

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