[165] Slim and Tight 5
Checkmate.
There couldn’t be a more fitting word.
Wasn’t it the board of directors who wholeheartedly welcomed the separation of ownership and management, with the promise that the owner wouldn’t interfere in management?
Naturally, choosing someone to take responsibility for management on behalf of the owner is expected. And that representative isn’t an outsider but a highly regarded talent they themselves acknowledge—Executive Director Jang Do-hyung.
If they oppose even this, then all their previous claims of concern for the company were nothing but lip service.
They weren’t worried about the company; they were worried about their own positions.
Opposing Executive Director Jang Do-hyung would not only put President Yang Woo-chan, who praised him endlessly, in an awkward position but also make Chairman Jin, who allowed the unprecedented promotion, look foolish.
And if they agree?
They’d have to serve someone they treated as a subordinate until today as their superior. It would be more dignified to resign without a word.
If I were in charge, at least I’d have a reason not to quit.
After all, I’m part of the owner’s family and a major shareholder.
“Why the long faces? Is Executive Director Jang Do-hyung not qualified? Is he not trustworthy?”
Who would dare to answer?
I exchanged glances with each of the four, but none spoke easily.
They were all looking to my grandfather, unsure if they were waiting for instructions or seeking help.
But my grandfather ignored their looks and instead pressed for an answer.
“What is this? Are you ignoring a major shareholder’s question? Isn’t it reasonable to ask about personnel matters as a shareholder, not a management issue?”
“Well… yes, but it’s just so unprecedented…”
President Go In-kyu of the securities company finally answered, but it was as if he had walked into a trap.
“Isn’t being an executive director in your late 40s also unprecedented? Unprecedented appointments are only shocking the first time. Un-pre-ce-den-ted! Breaking the norm. Once it’s broken, appointments ignoring seniority become the new norm and formality.”
President Go In-kyu was left speechless. I seized the opportunity to push further.
“Is there any Western company, which we call advanced financial institutions or global standards, that promotes based on age or order of joining?”
Finance is thoroughly a Western business domain. Isn’t it a business created from start to finish by those pale-skinned folks? We can’t deny that they lead this field.
“The IMF’s bailout condition was the opening of the financial market. Foreign capital is flooding in, and to compete with, utilize, or absorb that capital, shouldn’t we adopt their methods? I thought of Executive Director Jang Do-hyung as a symbol of that, and I believed our Sunyang was ready to jump into global competition. But… seeing the expressions of the presidents, it seems I was mistaken.”
Though I spoke quietly and calmly, it was perceived as a sharp rebuke, and no one dared to meet my gaze.
“Well, I think you all know what your first task should be. Don’t you think you need to prepare a perfect report that leaves no doubt in Do-jun’s question? Responding to foreign capital. Right?”
“Y-yes, we’ll prepare it immediately.”
When President Yang Woo-chan finally answered, I shook my head.
“No. I’ve already prepared something. It would be better to discuss it together while reviewing it. Oh, if my presence makes you uncomfortable, I can step out. Just gather all the financial executives, discuss thoroughly, and let me know the final result.”
“You prepared it?”
I did prepare it, but there’s no need to tell the whole truth. To add more weight and pressure, I need to borrow some authority.
“No. It was prepared by Miracle Investment’s U.S. headquarters. It took months just to analyze Sunyang’s financial companies. It will be helpful.”
The presidents looked troubled, but my grandfather showed curiosity.
“I’m curious about its contents. Analyzing us from America?”
“Grandfather, it might be a bit difficult for you to understand.”
“What? You rascal!”
How could my grandfather, who only grasps the broad strokes of company policy, understand the intricately complex details?
“Fine. Then explain it to these gentlemen. Even if I don’t understand, they should. Right?”
My grandfather, who had been watching with a smile, now withdrew his smile and began to glare at the board.
“President Yang.”
“Yes?”
His startled reaction was somewhat amusing.
“You must be investing Sunyang Life’s funds here and there, and there are quite a few domestic bank financial products, right?”
“Y-yes.”
His face showed his discomfort. As the CEO of a life insurance company, he couldn’t possibly know every single product the company invested in.
If I were to ask about the investment products, it would be a public embarrassment in front of the chairman, wouldn’t it?
“Typically, those products explain performance, expected returns, and safety. But they don’t explain where my money flows when I invest in that financial product. And I don’t know what the product I invested in is made of.”
“What do you mean? Bonds, stocks, real investments… they are invested in specific places…”
My grandfather couldn’t wait and interrupted.
“No. It’s more complicated these days. Bonds are bundled into products with a wide variety. For example, they mix bonds from Florida’s mortgage loans, corporate bonds from a British company, and Mexican government bonds.”
“It seems complicated, but aren’t they still bonds?”
“If that were the case, there’d be no headaches. But no. They also include derivatives betting on the recovery rate of these bond bundles.”
“Do-jun, what exactly are you trying to say? Are you saying I’m unqualified as a president because I don’t know the details of such products?”
As expected, President Yang was quick-witted and responsive.
He cut me off and even raised his voice, perhaps fearing more detailed discussions.
At this point, it’s best to save face and play along.
After all, I’ll have to keep seeing these people, and if things go sour over trivial matters, it will only be troublesome for me. The presidents in front of me still hold considerable power.
“No. How could anyone know everything? The person who needs to know the details is the analyst. If the analyst responsible for investment doesn’t know the details of the product, they should be fired, not the executives.”
“Then what do you think is the duty of an executive? What should they know?”
“There are many duties, but the most important is accurately judging where the water rising at your feet will stop, isn’t it?”
President Yang wasn’t the only one quick on the uptake. Everyone seemed to understand my point.
“If the water only rises to your nose, that’s fortunate, but if it submerges your head, there’s no way to survive. Isn’t that right, President Lee Min-seop of Sunyang Card?”
Suddenly targeted, President Lee Min-seop was startled, not understanding why. The card business is currently booming.
It’s a goldmine business where cash flows in as long as the groundwork is laid. The performance is soaring as if it will break through the ceiling and touch the sky.
Rising water refers to risk, but he never imagined he’d be the target here.
“I never thought it was a warning directed at me… This is quite… Haha.”
His expression showed he was quite upset.
“The card business is essentially a lending business. The core of lending is whether it can be recovered, isn’t it?”
“And?”
“A housewife with no income gets 300, a college student not even doing part-time work gets 200 in cash services every month under the name of credit. Salaried workers with stable incomes are busy juggling credit cards. Ask any Sunyang Card employee right now. How many do you think aren’t juggling credit cards?”
President Lee Min-seop bit his lip.
Habits are terrifying. People habitually swipe their cards and habitually spend their salaries.
With so many people around paying late fees and juggling credit cards, it’s become a natural pattern. People no longer fear debt.
Not only the card users but even the card companies think it’s natural.
“Is that the sign of water rising?”
My grandfather spoke with a stern expression.
“Isn’t it the executives’ and management’s job to make that judgment? Who knows if borrowing to swipe cards is a sign of water rising or the lifeblood of the Korean economy?”
My grandfather’s expression was like that of the study.
In the cold, hard study, only the sound of breathing could be heard.
Silence was broken by my grandfather.
The study began to warm up again.
“What do you think? What’s your opinion?”
“Sorry?”
“Do you still think Do-jun needs to spend years rotating through various departments to gain practical experience before he’s qualified?”
What is this now?
Ah, he’s talking about the so-called management training.
“May I say something?”
I asked for permission, and my grandfather nodded.
Those who hesitated to answer my grandfather’s question flinched when I glared at them. They stumbled from the start by suggesting they should educate the person who would control their fate.
“I’ve never heard that a shareholder needs to receive education from the company they own.”
“Ah, well… that was…”
“It was a suggestion in case he deeply involves himself in management. If we knew he intended to separate ownership and management, we wouldn’t have mentioned it.”
“Yes, yes. We assumed, of course, that Do-jun would take a frontline management role. That’s why we said it, so please don’t misunderstand.”
The flustered presidents waved their hands and stammered.
“No, it’s not a misunderstanding. I plan to sit on the bench and watch, and if necessary, step in as a player. Do you think I should rotate through departments to gain practical experience then?”
Though they showed slight signs of surprise at my bold question, their seasoned nature remained.
President Yang Woo-chan smiled and spoke.
“That’s something you should decide for yourself when the time comes, don’t you think? Seeing you today, it seems you’d volunteer to rotate if necessary, even without anyone forcing you. Haha.”
It’s the most appropriate answer.
It leaves the judgment and assessment to me.
It’s both a compliment and a way to avoid responsibility.
“Well, I think I’ve learned enough about my grandson to make a judgment. Does anyone have anything else to add?”
Everyone remained silent, shaking their heads slightly.
They had tried hard to avoid being replaced by the younger generation, but now the future seemed uncertain, and they couldn’t respond with confidence.
Watching them with a furrowed brow, the grandfather waved his hand dismissively.
“Go on, get back to work. If you’re away from the company too long, you’ll be the ones feeling uneasy. Off you go.”
As the four executives left the study, each one met my gaze.
Their faint smiles suggested they were coming to terms with my new role.
“Do-jun, is it true? That you’re considering putting a mere executive director in the top position?”
Once we were alone, my grandfather’s first question was about the personnel decision.
“We should conduct interviews before making a decision. But I’ve heard good things about Executive Director Jang. According to President Yang, he has the qualities to lead Sunyang into the future.”
“Is that the word on the street in Yeouido?”
“Yes.”
“Hmm…”
“Is something bothering you?”
My grandfather let out a long sigh, his expression a mix of request and caution.