Chapter 164: Slim and Tight 4
“Alright then. I’m at my wit’s end too, so let’s take this to the chairman. You can confront him directly.”
Lee Hak-jae sank back into his chair.
The presidents of the financial subsidiaries flinched but didn’t back down. This was not something they could easily overlook.
“Set up a meeting and let me know. I’ll make sure to explain things to Director Lee so he doesn’t get caught in the crossfire.”
Once they left the office, Lee Hak-jae picked up the phone.
”…Chairman, it’s quite serious. I think you should meet with them and have a word. Yes… Yes…”
After hanging up, Lee Hak-jae was nearly bursting with curiosity about how this intriguing story would unfold. But given his position, he knew he wouldn’t be able to witness it firsthand.
“I’m curious to see how our wealthy little fox will handle those sly old snakes.”
He had no doubt about the outcome. After all, Chairman Jin was a formidable figure backing them. The subsidiary presidents knew they couldn’t surpass him.
This was merely a ploy to assert their presence, and their presence was not something to be ignored.
No matter what anyone said, they were trusted allies.
“Ah, gentlemen… Have you come to check if I’m still alive?”
“What are you saying? We just came to keep you company, so you wouldn’t feel lonely.”
“Seeing you in good health puts our minds at ease, Chairman.”
The presidents of the life insurance, fire insurance, securities, and card subsidiaries each bowed in turn, and Chairman Jin patted their backs with a satisfied smile.
“Come, sit down. I imagine you old folks have a lot to grumble about, so sit and speak your minds. It must be tiring. Haha.”
It was clear they hadn’t come just for a courtesy visit; he was telling them to get to the point.
“So, I’ve heard there’s a lot of dissatisfaction regarding personnel issues. Spill it all out. I’ve got plenty of time these days, and I’m willing to listen to any nonsense.”
Though Chairman Jin was still smiling, the faces of the four subsidiary presidents quickly hardened.
Nonsense!
It was absurd to entrust a company worth nearly 700,000 won per share to a mere college student.
And they held a staggering 5 million shares of this high-value stock, distributed among the subsidiary presidents, executives, and some employees. Their collective stake was 25%. If the chairman’s grandson didn’t inherit these shares, controlling the financial companies would be impossible.
These shares needed to be transferred to the chairman’s college-aged grandson.
If they couldn’t quell the executives’ dissatisfaction, the succession process would falter, and in the worst-case scenario, this secretive succession plan could leak out.
Violating real-name transactions would be a minor issue. If they ended up paying billions in inheritance tax, it would be irreversible.
Chairman Jin knew this well. That’s why they believed he would consider their opinions to some extent.
“Chairman, Do-jun is still a student. It wouldn’t be too late for him to join the company after graduation, gain a few years of practical experience, and then join the management.”
Yang Woo-chan, the president of Sunyang Life, took the lead.
He was the person who had served Chairman Jin the longest and was qualified to represent them due to his age and the company’s size.
“That’s right. There’s no need to rush. How about delaying the succession process a bit?”
“Gentlemen, how can I guarantee I’ll live those extra years? If I die tomorrow, people will laugh and eat at my funeral.”
“That can’t be. You’re still in such good health…”
“So you’re saying it’s fine for my grandson Do-jun to train for a few years and then join management, right?”
“Yes, we’ll rotate him through key positions as quickly as possible.”
“Then do that. Rotate him around. But isn’t that unrelated to the succession process?”
Chairman Jin agreed as if it were nothing, but the presidents’ expressions didn’t brighten.
If they couldn’t secure corporate control and Chairman Jin’s influence waned, Jin Do-jun wouldn’t endure under executives who were mere salaried employees.
As a major shareholder and company owner, he would undoubtedly exercise his rights, and the first step in doing so would be to clear out the old guard like them.
They knew Chairman Jin’s intentions well, but their resistance was primarily about securing their positions.
“Chairman, there aren’t many people who can work under a major shareholder. There are no such precedents.”
He was speaking about himself. Yang Woo-chan was indirectly saying that if Jin Do-jun inherited the financial subsidiaries, he would submit his resignation.
“I see. Well… I’ve never worked a regular job, so I don’t really understand the mindset of salaried employees. Haha.”
Chairman Jin’s laughter filled the room, but the atmosphere seemed to grow even colder.
What would he say next?
The subsidiary presidents swallowed dryly, their eyes fixed on the chairman’s lips.
Then, unexpectedly, Chairman Jin did something no one anticipated.
He picked up the phone.
“Do-jun? Yes, it’s your grandfather. You need to come here right away. There are some people who can’t stand the idea of me handing over a few companies to my grandson. Yes, yes. They’re practically glaring at me, pressuring me. Come quickly and save your grandfather.”
As soon as he hung up, the presidents hurriedly waved their hands.
“Oh, Chairman, it’s not pressure. Please don’t misunderstand.”
“Chairman, we were just expressing our opinions for the company’s sake.”
“It’s alright. Do you think I’d disgrace you after more than twenty years of ups and downs together? That’s not it.”
Chairman Jin was different from his usual self.
“Meet him. Yes! Consider it an interview. Even I sometimes wonder if it’s right to hand over the company to a young kid. See for yourselves, and if you find him lacking, try to guide him. How hard can it be to persuade a young one? And our Do-jun isn’t the kind to ignore the words of his elders. Haha.”
The presidents’ expressions grew even more rigid.
They knew he wasn’t the type to compromise like this.
What was he really up to?
“What is it? What’s going on?”
“It’s a call from my grandfather. Apparently, the presidents of the financial subsidiaries have gathered and expressed their intention to boycott me.”
Oh Se-hyun leaned back and laughed heartily.
“Haha, those quick-witted old men. They’re trembling at the thought of a generational shift.”
“I should go.”
“Where to?”
“My grandfather wants me to meet those old gentlemen.”
“Huh? This is strange. Is the management evaluating the major shareholder, or what?”
“No, it’s more like the major shareholder deciding whether to replace the management.”
I maintained my composure as I headed to my grandfather’s house, while Oh Se-hyun watched me with wide eyes.
As I entered my grandfather’s study, I felt the eyes of four people fix on me.
I’d seen them a few times during holidays or my grandfather’s birthday, so I knew exactly who they were. And I didn’t need to deal with all four of them.
If you cut off the head, the body and legs will fall.
Sunyang Life’s President Yang Woo-chan.
If I could take him down, and if that wasn’t enough, dealing with Go In-kyu, the president of Sunyang Securities, would silence any further complaints.
“Hello.”
I bowed politely.
“Ah, yes.”
The seating arrangement was quite peculiar.
My grandfather sat at the head of the table, while the four presidents and I faced each other across a long table.
It felt like a new employee interview with the executive team, or perhaps one interviewer assessing four candidates simultaneously.
“Alright, let’s skip the formalities and speak freely. I’ll just sit back and listen.”
My grandfather leaned back in his chair, arms crossed, as if watching an entertaining drama.
As I looked around at the four faces, their discomfort was palpable.
They exchanged glances, waiting for someone to speak first, until the most experienced, Yang Woo-chan, cleared his throat and spoke.
“Do-jun, I hear you’re quite interested in finance. You’ve learned a bit at Miracle Investment, haven’t you?”
“Yes.”
I answered briefly. There was no need to elaborate on unnecessary questions. Soon, the tables would turn.
“Well, which area interests you the most? Stocks? Funds? Or derivatives?”
“No, those are tasks for the practitioners. I’m interested in management. Long-term investments are intriguing, and mergers and acquisitions, analyzing companies, buying them, and then breaking them up for sale, are quite fascinating.”
How would they take that?
As a young upstart’s arrogance? Or as someone with a different caliber?
“I see. Then the scale of the funds you’re managing must be considerable.”
I wasn’t there to boast about money, so there was no need to elaborate. I could just give a vague answer.
“It’s not me managing it directly; it’s the company. I’m just observing the fund management system.”
For these older gentlemen, continuing the conversation might be awkward. They needed to instill in me that I was still inexperienced, but since I skipped over the practical work, they might be wondering what to criticize.
“Ah, this is no fun. President Yang, President Go. Ask him directly. Will Do-jun take control of the financial subsidiaries and shake things up… or will he leave management to you while he plays the role of chairman or vice-chairman, drinking and chasing women? Isn’t that what you want to know?”
As the conversation continued to circle, my grandfather, who had been silent, intervened.
“Chairman, your jokes are too much. Do-jun is known for his diligence… There’s no way he’d do that, right?”
“You know it well. So, it’s obvious Do-jun will take control of the company, and you’re curious about the direction, right? Isn’t that it?”
At my grandfather’s mischievous question, they all coughed awkwardly.
“Do-jun, tell them what they’re curious about. They’re worried about what a young kid like you will do with a giant financial company. Ease their concerns.”
When Grandfather looked at the executives and spoke with a smile, their nervous coughs became even more frequent.
“I believe that separating ownership from management is the ideal corporate structure, so I have no intention of getting involved in the management of the financial company.”
The executives’ expressions brightened. The prospect of having to bow to a young upstart every day and submit reports was now off the table.
“As a major shareholder, I’ll only express my opinions on matters like appointing the CEO and selecting executives. As long as the performance is good, you won’t need to worry about my oversight.”
Now, the executives seemed ready to welcome me with open arms. After all, isn’t it much more comfortable to deal with a young man who only cares about results rather than one who meddles in management?
“What do you think of my approach? Have your concerns been alleviated?”
Their nodding heads and the smiles spreading across their faces answered my question.
“But, President Yang, I noticed that Executive Director Jang Do-hyung received quite a dramatic promotion. Do you think that’s appropriate?”
“Absolutely. He’s undoubtedly the talent who will lead the future of Sunyang Life. His abilities and achievements are unmatched, which is why the chairman made such a bold decision.”
“I see. Didn’t he come with you today?”
“Today, it’s just the executive team. Why do you ask?”
They seemed puzzled by my sudden interest in Executive Director Jang.
“Oh, I was thinking of appointing Executive Director Jang Do-hyung as the Vice Chairman overseeing the financial subsidiaries if I take charge of the group. It means I intend to give him full authority.”
The shock seemed greater than the idea of me becoming Vice Chairman and wielding full power.
The seasoned old foxes were left speechless, their mouths agape.
“Well, that’s a checkmate. Ha ha ha.”
In the quiet study, only Grandfather’s laughter echoed.