Summary
Cho Choong-hoon, the founding chairman of Hanjin Group, established Hanjin Sangsa in Incheon in 1945, marking the beginning of Hanjin Group. The name Hanjin means “advancement of the Korean people,” and true to its name, Chairman Cho pioneered a career in transportation and logistics for over half a century.
Born in 1920 in Incheon, Gyeonggi Province, as the second son among four sons and four daughters of Cho Myung-hee, a textile wholesaler, and Tae Cheon-jeup, Chairman Cho established a partnership company, Hanjin Sangsa, in Haean-dong (now Hang-dong), Incheon, in 1945 at the age of 25 with just one truck. By its fifth year in 1950, the company had grown into a medium-sized freight transportation business with about 40 employees, 30 trucks, and more than 10 cargo ships. In March 1958, Hanjin Sangsa changed its name to Hanjin Sangsa Co., Ltd.
Afterwards, Chairman Cho earned over $2.2 million in the 1960s from military supplies transportation services for the U.S. Army and established Air Korea, starting an airplane charter business. With the expansion of the Vietnam War, Hanjin Sangsa began to rapidly grow by engaging in the transportation of military supplies for the U.S. forces in Vietnam.
In March 1969, at the suggestion of then-President Park Chung-hee, Cho took over the state-owned Korean Air and renamed it Korean Air, venturing into the airline business. In April 1972, Hanjin Sangsa absorbed Hanjin Travel Co., Ltd., and changed its name to Hanjin. In May 1977, Hanjin established Hanjin Shipping, a dedicated container shipping company.
Cho strongly believed in the importance of talent development. He demonstrated this by taking over Inha Institute (now Inha University) in 1968, establishing Jungseok Institute in 1978, and acquiring Korea Aerospace University in 1979. In 1988, he founded Hanjin Industrial College (now Jungseok College), South Korea’s first industrial college, to provide higher education opportunities to employees who otherwise could not afford it.
Timeline
▲ February 11, 1920 = Born.
▲ 1945 = Founded Hanjin Sangsa in Incheon.
▲ 1961 = Established Air Korea Co., Ltd. and Hanjin Travel Co., Ltd.
▲ 1961 = Acquired Oriental Fire & Marine Insurance Co., Ltd.
▲ 1968 = Established Korea Airport Service Co., Ltd., Hanil Development Co., Ltd. (now Hanjin Heavy Industries), and became the chairman of Inha University Foundation.
▲ 1969 = President of Korean Air Co., Ltd.
▲ 1972 = Chairman of Hanjin Co., Ltd.
▲ 1973 = Established Hanil Securities Co., Ltd. (now Meritz Securities).
▲ 1977 = Established Hanjin Shipping Co., Ltd., Jeongseok Enterprise Co., Ltd., acquired Korean Air Maintenance Co., Ltd., and established the Jeongseok Education Award.
▲ 1979 = Established Jeongseok Educational Foundation, became chairman of Korea Aerospace University, and chairman of Korea Defense Industry Promotion Association.
▲ 1983 = First chairman of the Korean National Commission for UNESCO.
▲ 1984 = Chairman of Korean Air Co., Ltd.
▲ 1988 = Received the International Executive of the Year Award in 1988.
▲ November 17, 2002 = Passed away at the age of 82.
