Park Tae-joon

For the taekwondo athlete, see Park Tae-joon (taekwondo).

In this Korean name, the family name is Park.

Park Tae-joon
박태준
32nd Prime Minister of South Korea
In office 13 January 2000 – 19 May 2000
President	Kim Dae-jung
Preceded by	Kim Jong-pil
Succeeded by	Lee Han-dong
Personal details
Born	(1927-10-24)October 24, 1927 Fuzan, Keishōnan-dō, Korea, Empire of Japan
Died	December 13, 2011(2011-12-13) (aged 84)
Alma mater	Waseda University (dropped out) Korea Military Academy 6th Dankook University
Occupation	Founder & Chairman of POSCO, Republic of Korea Army General, Prime Minister
Korean name
Hangul	박태준
Hanja	朴泰俊
Revised Romanization	Bak Taejun
McCune–Reischauer	Pak T'aejun
Art name
Hangul	청암
Hanja	靑岩
Revised Romanization	Cheongam
McCune–Reischauer	Ch'ŏngam

Park Tae-joon (Korean: 박태준; October 24, 1927 – December 13, 2011) was a South Korean business tycoon and politician who briefly served as the 32nd Prime Minister of South Korea in 2000.

His most renowned accomplishment includes founding of POSCO 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". 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 (leading research university in Korea), the Pohang Steelers soccer team, and the POSCO TJ Park Foundation which was preceded by the Steel Scholarship Foundation. His pen name was Chungam.

Early years

He was born on October 24, 1927, in Busan. 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 Waseda University, 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. In 1945, Park Tae-joon, who was studying mechanical engineering at Waseda University in Japan, returned to Korea after the liberation and immediately enrolled in the 6th class of the South Korean Military Academy (Korean Military Academy). During his cadet years, he formed a teacher-student relationship with Captain Park Chung-hee, who was then the commander of the 1st company and an instructor in ballistics. After being commissioned as a lieutenant, he experienced the Korean War firsthand, dedicating his youth to defending the country with his exceptional leadership skills. Following the military coup on May 16, 1961, Park Tae-joon was selected by Park Chung-hee, the chairman of the Supreme Council for National Reconstruction, to serve as his chief secretary and later began working as the highest-ranking official in charge of industry and commerce.

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 and was then commissioned as shavetail. He was awarded the Chungmu Order of Military Merit and the Hwarang order of military merit after participating in the Korean War. He did not take part in May 16 coup, but entrusted his family in case of failing Park Chung Hee.

After the coup, he became a member of commerce[trade] 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 National Order of Legion of Honor (Légion d'honneur) (1990), the Norway order of military merit (1991). After his death, he was conferred posthumous honors of the Ching[Manchu] dynasty presented merit. He was granted an honorary engineering doctorate degree from Carnegie Mellon University, The University of Sheffield, Birmingham University, 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 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 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 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 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. 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 Tae-joon 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.

He was awarded the Bessemer Gold Medal by the Institute of Metals in 1987.

He was awarded the National Order of Legion of Honor (Légion d'honneur) in 1990.

Achievements

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 and Seoul National University. 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. 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 and science

He established Pohang University of Science and Technology in 1986. In 1971, he established the Steel Scholarship Foundation with a fund of 60 million KRW. In 1996, the name changed to Pohang Iron & Steel Scholarship Foundation, then POSCO Scholarship Foundation in 2002, and finally POSCO TJ Park Foundation in 2005. The project helped support education expenses of POSCO employees, helped students get doctoral degrees overseas, fund schools ranging from elementary to high schools, and then established the POSCO TJ Park Prize in 2007.

American Metal Market Steel Hall of Fame

In 2011, Park was inducted into the inaugural class of the American Metal Market Steel Hall of Fame for his role in turning South Korea into an industrialized nation.

Personal life

The tie with steel

Park 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 (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, Park Chung Hee 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, Park Chung Hee assigned Park Taejoon as a chief secretary of chairman on nation reconstruction council. In September, Park Chung Hee assigned him as a chief member of commerce and industry division on nation reconstruction council. Park Taejoon had always accompanied Park Chung Hee 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-joon, chairman of the once ruling Liberal Democrats (자민련), and previous CEO of POSCO. Park Yooah (박유아) majored in Fine Art at Ewha Womans University. 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 Tae-joon. 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 Moo-hyun, and prime minister Kim Jong-pil. In finance, he was close with Samsung's Lee Byungchul, Hyundai's Chung Ju-yung, Samsung Electronics Chairman Lee Kun Hee, the honorary chairman of SK Telecom Son Gil-seung, former Daewoo Group Chairman Kim Woojung, and also writer Jo Jung-rae.

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. Although he got lung treatment at Cornell Hospital in 2001, he continued to suffer from after effects. 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 Seoul National Cemetery. He outlived his parents Park Bong Gwan and Kim So Soon, and was survived by his spouse Jang Ok Ja, their children, and grandchildren.

In popular culture

• Portrayed by Choi Soo-jong and Kim Kwon in the 2014 TV Chosun's television series Into the Flames.