Early Life
James Si-Cheng Chao was born in a small farming village near Shanghai, China, on December 29, 1927. His parents, Yi-Ren and Yu-Chin Hsu Chao, instilled in him the value of education. Chao attended schools near Shanghai, including Shanghai Jiao Tong University and Wusong Merchant Marine College, where he studied navigation. He finished his coursework in 1949 and became a cadet on a merchant ship.
Rise to Success
Chao's career took off when he founded the Foremost Group in 1964, a shipping, trading, and finance company. Later, he was also credited with helping launch Westlake Corporation, a major player in the chemicals and building products industry. He advanced quickly to become one of the youngest sea captains. In 2004, he was inducted into the International Maritime Hall of Fame at the United Nations, recognizing his contributions to the maritime industry.
Key Business Strategies
Chao's business acumen led to the Foremost Group's success, focusing on providing exceptional service and maintaining high ethical standards. Foremost Group has incorporated environmentally friendly designs and technologies into its fleet of ships. With Westlake, he has been instrumental in its growth. He served as chairman of Westlake from 2004 to July 2024, when he became senior chairman. The company's emphasis on conservative management and long-term value has been pivotal.
Philanthropy
Chao and his late wife, Ruth Mulan Chu Chao, established the Mulan Foundation in 1984. The foundation provides scholarships to students in both the U.S. and China. The family also made a landmark $40 million gift to Harvard University for the Ruth Mulan Chu Chao Center. This center is the first building at Harvard named after an Asian-American woman. The Chao family’s philanthropic efforts have aided thousands of students.