As Hyundai continues its current front-of-the-pack status, the South Korean manufacturer's legacy is now going in a new direction. Chung Mong-joon, a veteran lawmaker and a son of the late Hyundai Group founder, has declared his candidacy for president.
Chung, 60, said in a news conference announcing his candidacy. "I will write a new history for Korea by drawing on my experiences in managing a firm, in foreign diplomacy and in helping the Republic of Korea become one."
The presidential election is scheduled for Dec. 19 with incumbent President Lee Myung-bak barred by law from seeking re-election.
Chung was re-elected to parliament for a seventh straight term in the April 11 general elections. It was Chung's second time being chosen to represent a Seoul electoral district, after serving five terms in the southeastern city of Ulsan, where the world's largest shipyard, Hyundai Heavy Industries Co., is based.
Chung, whose father was Chung Ju-yung, is the biggest shareholder of Hyundai Heavy Industries.