Biography of the former chairman, Chey Jong-hyon

Video of Chairman Chey Jong-hyon
In November 1929, born as the second eldest son in the family of four sons and four daughters of Choi Hak-bae and Lee Dong-dae

Chairman Choi was born at Pyeong-dong 7, Suwon-si Gyeonggi-do Province on November 21st, 1929. His father, who taught him to have great morale, and his mother, who always embraced him with a warm heart, raised him to have a challenging spirits and passion in his heart.
In March 1950, graduated Suwon Agricultural Life High School

Chairman Chey, who had been a soccer player during his middle and high school years, said, “It is best to win without a fight. But if you want to fight, you must pick a fight which you can only win. And if you have to fight, you must win. Whether you are playing sports or running a business, you need to have thorough and meticulous strategies, tactics and passion if you are to beat other competitors.”
In June 1956, graduated from University of Wisconsin with the bachelor’s degree in biochemistry

Chairman Chey’s bachelor's degree from University of Wisconsin
In March 1959, earned a Master's degree in economics at the University of Chicago

Although he had a tough time studying abroad at the University of Chicago in the U.S., he was still humble and affectionate enough to invite his friends to his home for meals and barbeque.
We are not only responsible for the society, but also indebted to it. Corporate profits have belonged to the society from the very beginning.
Episode 1 - People are important.

Former chairman, Chey Jong-hyon, always emphasized, "People come first." “All businesses start and end with people. In that sense, people should be the first priority. Whom you will be working with matters the most both personally and for the company as a whole.”
In November 1962, joined Sunkyong Textiles as the vice president

As Chairman Chey took office as the vice president of Sunkyong Textile after a decade of studying abroad, a double-headed system filled with passion and intelligence began to lead the company. With the combination of Chairman Choi’s aggressive drive and Chey’s meticulous initiative, Sunkyong began to make a qualitative leap. The two brothers found and strengthened each other’s strengths with trust. As a result, they jointly developed various hit products, including crepon, angora wool and field jacket liner in the 1960s.
In February 1969, constructed polyester fabric plant

By establishing Sunkyong Synthetic Fiber Co., Ltd. and running the plant producing polyester, he achieved a dream of producing thread, which he had been longing for.
First, people. Second, people. And third people. At the center of the corporate management should be people-centered management.
In November 1973, awarded the Gold Tower Order of Industrial Service Merit for outstanding exports

Despite a lot of struggles home and abroad, he was awarded the Gold Tower Industrial Medal, the highest honor for a businessman, following the founding Chairman Choi Jong-kun, for his steady effort to increase exports.
In November 1973, inaugurated as the Chairman of Sunkyong Group

Chairman Chey succeeded the founding Chairman Choi and took the helm of the corporate management of Sunkyong in 1973 after Chairman Choi passed away.
Episode 2 - Plant seeds in heart

With an aim to nurture global talents to lead the next generation for 30 years, Chairman Chey invested his own money to found the KFAS (Korea Foundation for Advanced Studies). Every time he went on a business trip abroad, he invited Korean students for a nice dinner and listened to their difficulties and gave encouragement. In describing his philosophy on a long term investment in human resource, he always said, “Humans and trees have something in common” in that those two grow and mature throughout their entire life. Any talent with full potential can’t further without proper resource. He advised the students to “plant a seed in their mind” at the airport before his way back to Korea instead of giving typical comments such as “Have your own vision and dream,” or “Be ambitious.” He wanted students to have one seed that could grow deep in their mind.
In November 1974, founded KFAS to nurture talents

Chairman Chey, whose lifetime dream had been to establish a global academy, founded KFAS (Korea Foundation for Advanced Studies) aiming to contribute to the academic development and the development of the nation and the society by nurturing top talents who can help promote higher education. The picture shows Chairman Chey Jong-hyon in 1986 awarding a scholarship certificate to KFAS.
Episode 3 - Work for the national development

The top priority for Chairman Chey, who lived through the time of Japanese colonial rule and the Korean War, to save the nation’s future was to nurture talents which he found a hope from. His support towards cultivating talents began by sponsoring a scholarship quiz program. In the 1970s, when all the focus of the country was on economic development, SK, which was among the top 50 companies in Korea, began sponsoring the whole production cost of the scholarship quiz program. His love for the show was very special. Twice a year, he invited the winners of the monthly and quarterly quiz contests to the headquarters of Sunkyong Group and treated them to a meal. One day, Chairman Chey told the students at the table, “Don’t ever apply for Sunkyong after graduation,” which surprised everyone around there. He meant to say that young talents should learn from overseas studies and experiences and work for the advancement of the nation afterwards.
In January 1975, declared a vertical integration titled ‘From Oil to Textiles’ as a new business strategy

Chairman Chey announced a vertical integration of business divisions ranging from oil to fiber during his New Year’s Greetings in 1975. He faithfully worked toward it with the goal to grow Sunkyong from a textile company to an energy and general chemical group. The New Year’s Greetings in 1975 signaled the second leap of SK, which launched today’s SK.
In March 1977, Chairman Chey Jong hyon with his wife, Park Kye-hee

Chairman Chey commenced an afforestation project combined with his modern and scientific management techniques. He bought 40 million square meters of land in the Chungbuk and Yeongdong regions and Mt. Indeung in Chungju, which is thirteen times the size of Yeouido in Seoul and began to plant trees with his own belief “to cultivate trees like cultivating people and cultivate people like cultivating trees.” In accordance with his will, Mt. Indeung has now transformed into a huge beautiful forest.
In 1977, video showing the celebration party for being awarded the Tower of $200 Million Export
If you stop trying after a couple of failures, you won’t see any results. You should invest in the long term. Don’t even spit a word about failure.
In March 1979, established SK’s unique management system, SKMS

Although there were almost no companies with its own management system, SK built its own, SKMS (SK Management System), upon the former chairman Chey’s management experience and philosophy. SKMS has been the foundation for SK to engage in more advanced management activities.
In December 1980, at Chairman Chey’s presidential inauguration ceremony held after Sunkyong’s acquisition of Korea National Oil Corp.

Sunkyong quickly rose to fifth place in the business world after acquiring management control over the Korea National Oil Corporation. At that time, all media outlets rushed to report the Sunkyong’s acquisition.
In 1981, video of New Year’s kick-off meeting ceremony
In April 1983, launched overseas oil exploration, a challenge to achieve an oil-producing country without oil deposits

SK took the first step to become Korea’s first resource development company as investing in oil development in mining areas of Karimun, India, through the joint partnership with Conoco of the U.S.
Episode 4 - Challenge to achieve oil-producing, oil-free country

After going through two rounds of oil shocks, Chairman Chey came to the realization that having energy independence is the foremost challenge for Korea since there are no oil deposits in its territory. After the acquisition of the oil corporation, Sunkyong expanded its vision for its oil business from an oil refinery business to a comprehensive energy business, and ventured into the overseas oil development business. However, the oil development was a high-risk project which required a huge long-term investment with little success rate. Despite a series of failures, he kept encouraging the people concerned and proceeding with the oil project, saying “We are industrialists, not mere merchants.” At last, in 1984, SK was able to find an oil well at a mining area in Marib, Yemen, and officially confirmed its business profitability. This project was not just a challenge for SK, but a challenge for the nation and the people to solidify the national foundations of energy supply and demand.
In July 1987, Sunkyong taken a bold challenge for life science

Sunkyong Industries decided to enter the pharmaceutical market.
In December 1989, at SUPEX Seminar

Group Executive SUPEX Seminar
Episode 5 - SUPEX, the challenge to be the best

In the 1980s, when SUPEX were made and started spreading across the group, a meeting was held in the SK’s research center to report on ‘Tob,’ a black fabric used in the Middle East to make women’s clothes. “How black can black theoretically be? Which fabric on the earth is the blackest? What is the limit of the highest quality humans can reach in developing products? Which background technology should be applied to make the blackest fabric?” While throwing a number of questions, Chairman Chey emphasized how to connect jobs with SUPEX. As a result, researchers succeeded in making the most popular item in Middle East, as well as developing the blackest fabrics in the world. As such, Chairman Chey’s endless passion encouraged the employees to make better and unique products and turn them into a new business line.
“In the 21st century, South Korea will become one of the top 10 economic powerhouses, and SK will be one of the 100 biggest companies in the world. In accordance with the centennial plan for nurturing talents, Korea will join the top-tier countries with a purpose of building an advanced intelligent industrial society.”
Episode 6 - Live a life with SUPEX

Chairman Chey was always eager to analyze and study anything in his life just like he wanted to raise the standard of living to the “SUPEX” level. Chairman Chey, who was also a gourmet, had a particular interest in Kimchi. One day, he asked his wife, Mrs. Park Kye-hee, to analyze every step of making Kimchi from selecting ingredients including cabbage and red pepper powder to the best way to store it. He even inquired about designing the best containers to store it. However, what he asked was similar to a lab test, which cannot be implemented at home. After deep deliberation, he decided to create a Kimchi research center in Walkerhill Hotel. After five years of research, he succeeded in developing SUPEX Kimchi with the best taste. SUPEX Kimchi which was made scientifically with the best ingredients, and the ideal mix, ripening temperature and ripening periods. It has been served as a regular dish at the table of many domestic and international dining events, contributing to introducing the excellence of Kimchi to the whole world.
In October 1990, visited the Soviet Union and opened the gate towards trade with Northern countries

Sunkyong opened the gates toward active trade with Northern countries through building a branch in Moscow and held a solo exhibition at the Central Music Museum in the Soviet Union, where many figures in politics and economics participated.
In June 1991, held joint ceremony for completing 9 plants in Ulsan Complex of Yukong Oil

A joint celebration ceremony for completing nine plants at the Ulsan Complex of Yukong Oil was held to inform the incorporation of the vertical integration of Sunkyong’s business departments ‘from oil to textile.’ The construction cost for the new plants totaled KRW 1.5 trillion, and it took from 1 year and 11 months to 3 years to construct.
Episode 7 - Challenging and achieving are all about business

Many conglomerates like SK generally invest in real estate properties because it is a lucrative investment. However, Chairman Chey paid no interest to the real estate businesses. While many companies were looking for valuable land, he was worried about the deforestation through land development. For the question on “Why is SK not engaging in real estate business?” he said, “Real business is not about making profits from real estate. True businessmen have a will to take risks and accept the challenge to succeed. They never expect to get a free ride.” Like always, he had been a businessman with a challenging mind and devoted himself to creating a work environment and condition where all executives and employees are willing to work voluntarily and actively.
In February 1993, inaugurated as the Chairman of the FKI

On Feburary 12th 1993, Chairman Chey was officially appointed as the 21st Chairman of the Federation of Korean Industries (FKI) and took steps in earnest to construct a trusted corporate image.
In July 1994, acquired the Korea Mobile Telecommunications Service Corporation (Entry into the information communications business)

Chairman Chey, who was also a Chairman of the FKI, made the bold decision to give up on the second mobile communication business right and acquired the Korea Mobile Telecommunications Service Corporation, which required tremendous funds. This decision came as he judged that it is not desirable to compete with other companies in the vote for selecting the second mobile communication business while FKI was involved. In his statement, “We live in the future,” he joined the bidding for the mobile carrier and won the management right in July of that year. The picture above shows Pyo Mun-soo, then-team head of the corporation, participating in the bidding.
In November 1995, received ‘International Businessman Award’ from the AIB

Chairman Chey received the International Businessman Award of the Academy of International Business (AIB), the prestigious award in the international business field. This award is given every year to the person with excellent management performance and academic contributions.
In February 1996, face-to-face talk with Chinese Prime Minister Li Peng

In the 1990s, right after Korea and China established a diplomatic relationship; many Korean companies began starting businesses in China. There were no books or resources about the Chinese market at that time; however, SK Yukong was offered to construct jointly with the biggest petroleum company in China, SINOPEC; and the Shenzhen government, on an oil refinery in Shenzhen area. Based on the three principles of ‘mutual trust’, ‘mutual cooperation,’ ‘mutual reciprocity’, he said that steady reinvestment will expand the front and rear industry in China.
In September 1997, Chairman Chey who went ahead of the time

He spoke out with confidence about his own opinions on Korea’s economic development, saying that the government should create an environment through deregulation where companies can be more active in business endeavors; the government’s policy should be aligned with market economic principles. Insisting on globalization, he asserted that companies with competitiveness, but are not strong enough to win over other global competitors won’t be able to survive in the global market.
Episode 8 - Business Statesman concerned about the country

Chairman Chey Jong-hyon, who always had been concerned about what he could do to make Korea a top tier country, devoted himself to reviving the Korean economy after he was inaugurated as the Chairman of the Federation of Korean Industries (FKI). He had a premonition that there would be a financial crisis in 1997 and proposed policies to the government while holding the Private Council on National Competitiveness monthly. Before the 1997 Asian Financial Crisis hit the country, he had two private meetings with the President at the Blue House. Even though he had an oxygen tank and a respirator due to lung cancer, he proposed suggestions on how to revive the economy. Chairman Chey, who was worried about the future of Korea, regretted at his deathbed that he was not able to complete writing his book, ‘A Way to the 1st Tier Country,’ before his death in August 1988. People called him a “true business statesman.”
Declaration of New Corporate Identity (CI)

Chairman Chey pledged a “new start” with his employees at the new CI declaration and management innovation conference on January 5th, 1998. He expressed his will to lead the company to the global top tier in the era of infinite competition of the 21st century.
In August 1998, eternal sleep

Chairman Chey passed away on August 26th, 1998, at the age of 69. He had been worried about SK and the Korean economy and done the best he could do until his death even after being diagnosed with lung cancer. ※ The picture shows then Prime Minister Kim Jong-pil conferring the Order of Civil Merit, Rose of Sharon Medal in front of a portrait of the deceased Chairman Chey.