Park Tae-joon (September 29, 1927 – December 13, 2011) was a South Korean
business tycoon
A business magnate, also known as a tycoon, is a person who has achieved immense wealth through the ownership of multiple lines of enterprise. The term characteristically refers to a powerful entrepreneur or investor who controls, through perso ...
,
war hero
A hero (feminine: heroine) is a real person or a main fictional character who, in the face of danger, combats adversity through feats of ingenuity, courage, or strength. Like other formerly gender-specific terms (like ''actor''), ''hero' ...
,
political leader
A politician is a person active in party politics, or a person holding or seeking an elected office in government. Politicians propose, support, reject and create laws that govern the land and by an extension of its people. Broadly speaking, a ...
, and
philanthropist
Philanthropy is a form of altruism that consists of "private initiatives, for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private goo ...
.
His most renowned accomplishment includes founding of
POSCO
POSCO (formerly Pohang Iron and Steel Company) is a South Korean steel-making company headquartered in Pohang, South Korea. It had an output of of crude steel in 2015, making it the world's fourth-largest steelmaker by this measure. In 2010, i ...
and growing it into one of the world's largest and most successful steel companies during his multi-decade tenure as Chairman and CEO. For this, he was often called the "Korean
Andrew Carnegie
Andrew Carnegie (, ; November 25, 1835August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans i ...
". Earlier in his life, he served in the South Korean Army and led several platoons during the Korean War and eventually reaching the rank of Major General. He also founded
POSTECH
Pohang University of Science and Technology (POSTECH) is a private research university in Pohang, South Korea.
History
POSTECH was established in 1986 in Pohang, Korea by POSCO, a steel company.
POSTECH hosted POSCO's Research Institute of Sc ...
(leading research university in Korea), the
Pohang Steelers
The Pohang Steelers (Hangul: 포항 스틸러스) are a South Korean professional football club based in Pohang, North Gyeongsang Province that compete in the K League 1, the top flight of South Korean football. The Steelers were founded on 1 A ...
soccer team, and the POSCO TJ Park Foundation. As a politician, he served for four months as
Prime Minister of South Korea
The prime minister of the Republic of Korea (PMOTROK or PMOSK; ) is the deputy head of government and the second highest political office of South Korea who is appointed by the President of the Republic of Korea, with the National Assembly's app ...
. His pen name was Chungam.
Biography
Early years
He was born on September 29, 1927 in
Busan
Busan (), officially known as is South Korea's most populous city after Seoul, with a population of over 3.4 million inhabitants. Formerly romanized as Pusan, it is the economic, cultural and educational center of southeastern South Korea, w ...
. When he was six years old, he moved to Japan where his father was working, but returned to his homeland following
Korea's independence.
Education
Whilst in Japan he entered the
University of Waseda, but returned to Korea without graduating. Following his return he studied at the Korea Military Academy and became a 6th Graduate, followed by a time of study at National Defense University Graduate School.
He and other Korean military officers completed a bachelor's degree in a four-year standard university as required by the government. They had served in the army without completing a standard degree course after the liberation and it was the government's measure to build the Korea Military Academy (then called the South Korea Guard Academy) for officers to have a standard degree course (after 11th graduation).
The government had noticed that they needed a commissioned education for officers to have bachelor's degree course in government level. The degree awarded from Dankook University is the only one which is acknowledged by Korea.
Military service
In 1948, Park graduated from the
Korea Military Academy
Korea Military Academy (KMA) is the leading South Korean institution for the education and training of officer cadets for the Republic of Korea Army. Along with the Korea Army Academy (Yeongcheon), it produces the largest number of senior officer ...
and was then commissioned as
shavetail
Shavetail was an experimental American rocket developed during the 1950s. Used to evaluate the rapidly developing technology of rocketry, eleven Shavetail rockets were fired during 1959.
Design and development
Intended to assist in the develop ...
. He was awarded the Chungmu Order of Military Merit and the Hwarang order of military merit after participating in the
Korean War
, date = {{Ubl, 25 June 1950 – 27 July 1953 (''de facto'')({{Age in years, months, weeks and days, month1=6, day1=25, year1=1950, month2=7, day2=27, year2=1953), 25 June 1950 – present (''de jure'')({{Age in years, months, weeks a ...
.
He did not take part in
May 16 coup
The May 16 military coup d'état () was a military coup d'état in South Korea in 1961, organized and carried out by Park Chung-hee and his allies who formed the Military Revolutionary Committee, nominally led by Army Chief of Staff Chang Do- ...
, but entrusted his family in case of failing
Park Chung-hee
Park Chung-hee (, ; 14 November 1917 – 26 October 1979) was a South Korean politician and army general who served as the dictator of South Korea from 1961 until his assassination in 1979; ruling as an unelected military strongman from 1961 ...
.
After the coup, he became a member of commerce
rade Rade may refer to:
* E De people, a people group in Southeast Asia also called "Rhade" or "Rade"
* places in Lower-Saxony, Germany:
** Rade, Neu Wulmstorf, a village in the district of Harburg
* places in Schleswig-Holstein, Germany:
** Rade, Stei ...
and industry in
Nation re-building supreme council and had a part in the
first five-year Korea economic development plan.
In 1963, Park was discharged as a Major General.
He was awarded the Chungmu Order of Military Merit (1950, 1952), the Hwarang order of military merit (1951, 1953, 1954), the Order of Civil Merit, the Rose of Sharon Medal (1974), the order of the Legion of Honor(1990), the Norway order of military merit (1991). After his death, he was conferred posthumous honors of the Ching
anchudynasty presented merit. He was granted an honorary engineering doctorate degree from
Carnegie Mellon University
Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania. One of its predecessors was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools; it became the Carnegie Institute of Technology ...
,
The University of Sheffield
, mottoeng = To discover the causes of things
, established = – University of SheffieldPredecessor institutions:
– Sheffield Medical School – Firth College – Sheffield Technical School – University College of Sheffield
, type = Pu ...
,
Birmingham University
, mottoeng = Through efforts to heights
, established = 1825 – Birmingham School of Medicine and Surgery1836 – Birmingham Royal School of Medicine and Surgery1843 – Queen's College1875 – Mason Science College1898 – Mason Univers ...
, and
The University of Waterloo. He was also granted an honorary doctorate in economics from
M.V. in Russia.
Commercial life
After he transferred to the first reserve, he became the president of
TaeguTec
TaeguTec Ltd. (Korean: 대구텍), formerly known as Korea Tungsten Company, is a multinational corporation headquartered in Daegu, Korea. It is the largest cutting tools manufacturer in the Far East, also Korea's largest manufacturer of tungsten ...
in 1964. One year later, the company turned around from deficit. To this day, TaeguTec is one of the only Korean companies that Warren Buffett has invested in. He became the president of
Posco
POSCO (formerly Pohang Iron and Steel Company) is a South Korean steel-making company headquartered in Pohang, South Korea. It had an output of of crude steel in 2015, making it the world's fourth-largest steelmaker by this measure. In 2010, i ...
in April 1968. 10 years later, POSCO was a global company, and by 2010 was the world's third largest steelmaker.
Political activities
In 1980, Park entered the political world because of the possibility of being appointed as the first member of the Nation Preservation Legislation Council. He was elected to be the 11th member of the National Assembly under the
Democratic Justice Party
The Democratic Justice Party (; DJP) was the ruling party of South Korea from 1981 to 1988.
History
Chun had become the country's de facto leader after leading a military coup in December 1979, and was elected president in his own right in ...
and he served as a director of the finance committee in the National Assembly. After three similar parties were merged, he became chairman of the
Democratic Liberal Party.
Park resigned as president of POSCO in October 1992. In the beginning of POSCO's establishment, Park used it to protect himself from political draft. He laid down the president position right after the establishment of a new government of discord with
Kim Young-Sam
Kim Young-sam (; or ; 20 December 1927 – 22 November 2015) was a Demographics of South Korea, South Korean politician and activist who served as the seventh president of South Korea from 1993 to 1998.
From 1961, he spent almost 30 year ...
and his government. He submitted a letter of resignation in October of 5th, 1992.
Park's honorary president rejected the position of election task force from Kim Young-Sam's Democratic Liberal Party. On the same day, POSCO had an emergency board meeting to reverse his decision of resignation from POSCO.
Discord with Kim Young-Sam caused Park to resign from his position in the National Assembly. Park wandered from place to place abroad because he was suspected of taking about 3.9 billion from POSCO sub-venders. There was a widespread doubt that there was to be any targeted investigation of him. In 1997, he successfully came back and was elected as a member of the National Assembly in
Buk-gu Pohang by blaming President Kim for the economic failure.
He became the chairman of the Liberal Democratic Party, then supported
Kim Dae Joong for the 15th presidency with
Kim Jong Pil. He took office as the chairman in the government of Kim Dae Joong in 2000, but he resigned his spot because the government wrongfully accused him of property fraud.
[경제부총리, 당연직 총리대행(?) - 동아일보](_blank)
/ref> The accusations were later found to be false by a Korean court. In his later years he participated in awarding the Chungam prize every year.
Awards and achievements
Awards
According to authorities of POSCO, “The National Commission give an award to Park Taejoon for contributing to national development.”
The National commission also remade 6 out of his 7 medals (2 Chungmugong medals, 3 Hwarangmugong medals, Mugunghwa medal, Gumtap-industry medal) as a memorial to him. The National Commission placed 6 remade medals except for Gumtap-industry medal at the mortuary during his funeral.[박태준 포스코 명예회장 별세(3보)](_blank)
/ref>
He was awarded the Bessemer Gold Medal
The Bessemer Gold Medal is awarded annually by the Institute of Materials, Minerals and Mining (IOM3) "for outstanding services to the steel industry, to the inventor or designer of any significant innovation in the process employed in the manufact ...
by the Institute of Metals
The Institute of Materials, Minerals and Mining (IOM3) is a UK engineering institution whose activities encompass the whole materials cycle, from exploration and extraction, through characterisation, processing, forming, finishing and applicatio ...
in 1987.
Achievements
Successful management of POSCO
According to Japan's Mitsubishi Research Institute, POSCO was able to succeed as a leader in promoting venture leadership and insight. Chairman Park Taejoon has demonstrated sufficient commitment to the creation of Harvard Business School
Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
and Seoul National University
Seoul National University (SNU; ) is a national public research university located in Seoul, South Korea. Founded in 1946, Seoul National University is largely considered the most prestigious university in South Korea; it is one of the three "S ...
. The major factor in the success of POSCO is "outstanding leadership of President Park Taejoon". In addition, in a Stanford Business School study released a report that called the "outstanding leadership of President TJ Park" critical to the development of South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
. He created apartment complexes for the employees of POSCO, while paying more attention to the composition of the highest level of housing complexes, including preschool for children was established.
Contributions to education
He established Pohang University of Science and Technology in 1986. In 1971 he established the POSCO Scholarship Foundation. Its goal was to expand the existing "Taejoon Park Foundation", launched in September 2005. It worked to promote cooperation in Asia, next-generation human resource development, and participation and sharing of practice Republic of Korea under the three strategies Asia uses to promote business. On June 16, 2008, the Board of Directors at POSCO Center selected Park Taejoon as president of the foundation. POSTECH (Pohang University of Science and Technology) has been awarded scholarships each year in recognition of its founder's contributions to the development of Park Taejoon Prize.
American Metal Market Steel Hall of Fame
In 2011 Tae-joon was inducted into the inaugural class of the American Metal Market Steel Hall of Fame (http://www.amm.com/HOF-Profile/ParkTaejoon.html) for his substantial role in turning South Korea into one of the most industrialized nations on earth.
Personal life
The tie with steel
Park Taejoon went to Lyamabuk Middle School. He was mobilized into steel manufacture service during the second world war. It was his first encounter with steel. At that time, the director of the workplace noticed that he had a talent for the sintering process.
Relationship with Park Chung-hee
The relationship with Park Chung-hee
Park Chung-hee (, ; 14 November 1917 – 26 October 1979) was a South Korean politician and army general who served as the dictator of South Korea from 1961 until his assassination in 1979; ruling as an unelected military strongman from 1961 ...
(3rd President of South Korea) started from 1947 when they were in the military. Junghui Park, who was a company commander and also an instructor of ballistics, carefully observed Park Taejoon's behavior because he was good at mathematics and followed his own strict rules. He had become distant from Junghui Park since his graduation. Their relationship started again 10 years later when he had worked in the Headquarters of the Army as a colonel. At the same time, Junghui Park had been assigned as a commander of logistics support base asked Park Taejoon to assist him as the chief of staff.
In spring of 1961, Junghui Park had prepared a military coup, which is well known as the 5.16 military coup, with some officers. Many commanders, including Jongpil Kim participated in the 5.16 military coup.
Two months after the success of 5.16 military coup, Junghui Park assigned Park Taejoon as a chief secretary of chairman on nation reconstruction council. In September, Junghui Park assigned him as a chief member of commerce and industry division on nation reconstruction council. Park Taejoon had always accompanied Junghui Park on every business trip.
In 1963, Taejoon Park and Junghui Park became civilians. Since Junghui Park had taken part in politics, many commanders who had followed him had also taken part in politics, except Taejoon Park who turned to be a businessman. At the end of this year, Taejoon Park was assigned CEO of the Korean Tungsten. He had changed the company from deficit to surplus. In 1967, Park Taejoon got special command to establish Pohang Iron & Steel Co. from president Junghui Park and was assigned as CEO of Pohang Iron & Steel Co. in 1978.
After the Death of president Junghui Park, Park Taejoon volunteered to be the guardian of the son of president Park, Jiman Park. Park Taejoon supported him when he tried to take over Samyang Industries.
Relationship with Seung-duk Koh
In 1984, Koh Seung-duk( 고승덕) married Park Yooah(박유아) who is a second daughter of Park Tae-jun, Chairman of the once ruling Liberal Democrats( 자민련), and previous CEO of POSCO. Park Yooah(박유아) majored in Fine Art at Ewha Womans University
Ewha Womans University () is a private women's university in Seoul founded in 1886 by Mary F. Scranton under Emperor Gojong. It was the first university founded in South Korea. Currently, Ewha is one of the world's largest female educational ins ...
. After graduation, she studied art history and drawing in the United States with Koh Seung-duk(고승덕). They had their first child, Candy Koh, in 1987. When Tae-jun Part died in 2011, Koh Seung-duk(고승덕) visited the Yonsei University Severance Hospital to condole the late Park Taejoon. At that time, he said about the deceased, “He really was a great person, concerned about only big things of the nation” and he also said “Seriously, he is a tycoon of the times in Korea”
Friendship and camaraderie
Park Taejoon liked people and usually got along with ex-president Chun Doohwan, ex-president Roh Moohyun, and prime minister Kim Jongpil. In finance, he was close with Samsung
The Samsung Group (or simply Samsung) ( ko, 삼성 ) is a South Korean multinational manufacturing conglomerate headquartered in Samsung Town, Seoul, South Korea. It comprises numerous affiliated businesses, most of them united under the ...
's Lee Byungchul, Hyundai Hyundai is a South Korean industrial conglomerate ("chaebol"), which was restructured into the following groups:
* Hyundai Group, parts of the former conglomerate which have not been divested
** Hyundai Mobis, Korean car parts company
** Hyundai ...
's Chung Ju-yung
Chung Ju-yung or Jung Joo-young (; November 25, 1915 – March 21, 2001), was a South Korean entrepreneur, businessman and the founder of Hyundai Groups, one of the largest chaebols in South Korea. Raised as the eldest son of a poor Korean farm ...
, Samsung Electronics Chairman Lee Kun Hee
Lee Kun-hee (, ; 9 January 194225 October 2020) was a South Korean business magnate who served as the chairman of Samsung Group from 1987 to 2008 and from 2010 to 2020, and is credited with the transformation of Samsung to one of the world's la ...
, the honorary chairman of SK Telecom
SK Telecom Co., Ltd. ( or ) is a South Korean wireless telecommunications operator and former film distributor and is part of the SK Group, one of the country's largest chaebols. It leads the local market with 50.5 percent share as of 2008. S ...
Son Gilseung, former Daewoo Group
Daewoo ( ; Hangul: , Hanja: , ; literally "great universe" and a portmanteau of "dae" meaning great, and the given name of founder and chairman Kim Woo-choong) also known as the Daewoo Group, was a major South Korean chaebol (type of conglomerat ...
Chairman Kim Woojung, and also writer Jo Jungrae.
In 2011 he was treated for breathing difficulties, and hospitalized on December 13, 2011 in Yonsei Hospital. He died at the age of 84 after taking a serious turn.[경제부총리, 당연직 총리대행(?) - 동아일보](_blank)
2007년 3월 7일자
/ref> Although he got lung treatment at Cornell Hospital in 2001, he continued to suffer from after effects
Adobe After Effects is a digital visual effects, motion graphics, and compositing application developed by Adobe Inc., and used in the post-production process of film making, video games and television production. Among other things, After Eff ...
. Also, he left a will, in which he stated his hope for POSCO to grow as a power of national industry.
He was buried in the national cemetery
The following is a partial list of prominent National Cemeteries:
Africa
Algeria
* El Alia Cemetery, Algiers
Burundi
* Mausolée des Martyrs de la Démocratie, Bujumbura
Ghana
* Asomdwee Park, Accra
* Burma Camp Military Cemetery, Accra
L ...
. He outlived his parents Bong Gwan.Park and So Soon.Kim, but was survived by his spouse Ock Ja.Jang, their children, and grandchildren.
In popular culture
* Portrayed by Choi Soo-jong
Choi Soo-jong (born December 18, 1962) is a South Korean actor. Choi made his debut in 1987 as a young actor in the TV soap opera ‘Love Tree’. He has appeared in movies, on television and as an MC for various award shows. He has received worl ...
and Kim Kwon
Kim Kwon (born Kim Keon-woo on May 16, 1989) is a South Korean actor. He played minor roles in television dramas such as ''Secret Love Affair'' (2014), ''Heard It Through the Grapevine'' (2015), and ''Marry Me Now
''Marry Me Now'' () is a ...
in the 2014 TV Chosun
TV Chosun ( ko, TV조선; Hanja: 株式會社朝鮮放送; ''Jusikhoesa Joseon Bangsong''; literally "Company Korea Broadcasting"), stylised as TV CHOSUN, is a South Korean pay television network and broadcasting company, owned by the ''Chosun ...
's television series ''Into the Flames
''Into the Flames'' () is a 2014 South Korean television series. It aired on cable channel TV Chosun on Fridays and Saturdays at 23:00 for 20 episodes from April 25 to June 28, 2014.
Synopsis
Based on the life of Park Tae-joon, founder and honora ...
''.
References
{{DEFAULTSORT:Park, Tae Joon
1927 births
2011 deaths
South Korean military personnel of the Korean War
Prime Ministers of South Korea
South Korean chairpersons of corporations
South Korean company founders
Honorary Companions of the Order of Australia
Korea Military Academy alumni
Waseda University alumni
POSCO Group people
20th-century South Korean businesspeople
21st-century South Korean businesspeople
Members of the National Assembly (South Korea)
Bessemer Gold Medal
Converts to Protestantism from Buddhism