Business Career
In 1965, Lee started to work at Hyundai Construction which was awarded Korea's first-ever overseas construction, a $5.2 million contract to build the Pattani-Narathiwat Highway in Thailand. Despite being a new employee, Lee was sent to Thailand to participate in the project. The project was successfully completed in March 1968, and Lee returned to Korea and was subsequently given charge of Hyundai's heavy machinery plant in Seoul.
It was during his three decades with the Hyundai Group that Lee earned the nickname "Bulldozer". In one instance, he completely dismantled a malfunctioning bulldozer to study its mechanics and figure out how to repair it.
Lee became a company director at the age of 29 – just five years after he joined the company – and CEO at age 35, becoming Korea's youngest CEO ever. In 1988, he was named the chairman of Hyundai Construction at the age of 47.
When he started at Hyundai in 1965, it had 90 employees; when he left as chairman after 27 years, it had more than 160,000. Soon after the successful completion of the Pattani-Narathiwat Highway by Hyundai Construction, Korea's construction industry began to focus their efforts on encouraging the creation of new markets in countries such as Vietnam and the Middle East. Following the decline of construction demands from Vietnam in the 1960s, Hyundai construction turned their eyes toward the Middle East and continued to be a major player in construction projects, with the successful completion of such vital international projects as the Arab Shipbuilding & Repair Yard, the Diplomatic Hotel in Bahrain and the Jubail Industrial Harbor Projects in Saudi Arabia, also known as 'the great history of the 20th century'. At that time, the amount of orders received by the Korean construction company exceeded US$10 billion and this contributed in overcoming the national crisis resulting from the oil shock.
After leaving Hyundai at the end of a 27-year career, he decided to enter politics.
Read more about this topic: Lee Myung-bak
Famous quotes containing the words business and/or career:
“As for your friend, my prospective reader, I hope he ignores Fort Sumter, and “Old Abe,” and all that; for that is just the most fatal, and, indeed, the only fatal weapon you can direct against evil ever; for, as long as you know of it, you are particeps criminis. What business have you, if you are an “angel of light,” to be pondering over the deeds of darkness, reading the New York Herald, and the like.”
—Henry David Thoreau (1817–1862)
“Like the old soldier of the ballad, I now close my military career and just fade away, an old soldier who tried to do his duty as God gave him the light to see that duty. Goodbye.”
—Douglas MacArthur (1880–1964)