Jeong Gu-yong, chairman of the Korea Listed Companies Association (KOSDAQ) and INZI Group, passed away at the age of 80. The cause of death is reported to be complications related to health issues.
According to the business community on the 7th, Chairman Jeong was born in August 1945, shortly after the liberation, and graduated from Chungbuk Okcheon High School in 1963. He then worked at Hyundai Motor and Asia Motors.
Chairman Jeong did not settle for just a job. In 1978, he founded Gonghwa Metal. This factory, which produced automotive belt components, became the foundation for INZI Controls. The factory, with an annual revenue of 18 million won, transformed into a corporation generating 435.8 billion won in annual revenue last year.
In the 2000s, Chairman Jeong also expanded his business into the information technology (IT) sector by acquiring a company that supplied Liquid Crystal Display (LCD) components to Samsung Electronics. As of the first half of this year, the INZI Group has grown into a mid-sized conglomerate with 39 affiliates, including INZI Controls and INZI DISPLAY.
Chairman Jeong also took on roles as a leader in the business community. He served as vice chairman of the Korea International Trade Association, vice chairman of the Federation of Middle Market Enterprises of Korea (FOMEK), and vice chairman of the Korea Listed Companies Association, representing the voices of listed corporations while being re-elected four times as chairman of the KOSDAQ since 2014.
Chairman Jeong continued to voice his opinions on major issues until recently. In July, he remarked, "If the Commercial Act is amended, the ladder for corporate growth may be reduced." At the beginning of this year, he also stated in his New Year's message, "The government and the National Assembly should ease and manage unnecessary regulations that worsen the business environment so that our corporations can compete on an equal footing with global companies in domestic and foreign markets and enhance international consistency."
The funeral home has been set up at the Catholic University of Korea Seoul St. Mary's Hospital funeral hall. The funeral will be held as a family service, with the burial scheduled for the 9th. The bereaved family stated, "We would respectfully decline visits, flowers, and condolence money, but it would be a great comfort if you could be present in spirit."