Chapter 164: A Test of Loyalty

“Fine. I’m so stressed I feel like I’m about to die anyway, so I’ll tell the Chairman. Go meet him yourself and argue it out.”

Lee Hak-jae sank into his chair.

The presidents of the financial subsidiaries flinched, but didn’t back down. This matter was too significant to ignore.

“Set up a time and let me know. I’ll talk to Chief of Staff Lee so he doesn’t get caught in the crossfire.”

As they left the office, Lee Hak-jae picked up the receiver.

“…Chairman. This is serious, you need to meet with him and talk some sense into him. Yes… Yes….”

Hanging up, Lee Hak-jae was dying of curiosity about how this intriguing story would unfold. But considering his position, he definitely wouldn’t be present…

“How will our wealthy little brat handle those old foxes…? This is going to be interesting.”

He had no doubt about the outcome. After all, the towering figure of Chairman Jin was backing him. The subsidiary presidents knew they couldn’t go against Chairman Jin.

Instead, this was merely a ploy to assert their presence. And their influence was not to be dismissed.

No matter what anyone said, weren’t they the founding contributors?

* * *

“Aigo, is that you people…? Did you come to check if I’m dead or alive?”

“How can you say that? We just came to keep you company because we thought you might be lonely.”

“It puts my mind at ease to see you in such good health, Chairman.”

The presidents of four subsidiaries – Life Insurance, Fire Insurance, Securities, and Card – bowed in turn, and Chairman Jin patted their backs with a pleased expression.

“Alright, alright, sit down. These old men probably have a lot of complaints, so let’s talk sitting down. You must be tired. Heh heh.”

It was a clear signal that they hadn’t just come for a casual greeting, and should get straight to the point.

“So, I hear there are a lot of grievances about personnel matters. Lay it all out. I have so much time on my hands these days, I’m willing to listen to any nonsense.”

Chairman Jin was still smiling, but the faces of the four subsidiary heads instantly stiffened.

Nonsense, was it?

Anyone could see that the nonsense was coming from Chairman Jin. Entrusting a company with a per-share value of nearly 700,000 won to a mere university student was absurd.

And these men held a staggering five million shares of this highly valuable stock. From subsidiary presidents to executives and even some employees. Their combined stake amounted to 25%. If the grandson didn’t inherit these shares, controlling the financial companies would be impossible.

These borrowed-name shares had to be transferred to the Chairman’s university student grandson.

If the executives’ dissatisfaction wasn’t quelled, the succession process would falter, and in the worst-case scenario, this clandestine succession plan could leak to the outside.

Violating the real-name financial transaction law was a minor offense in comparison. Facing trillions of won in inheritance tax would be irreversible.

Chairman Jin knew this well. That’s why they believed he would heed their opinions to some extent.

“Chairman, Do-jun is still a student. Even after graduating and gaining a few years of practical experience before joining the management, it wouldn’t be too late.”

Yang Woo-chan, president of Soonyang Life Insurance, kicked things off.

He was the one who had served Chairman Jin the longest, and considering his age and the size of his company, he was well-qualified to speak on their behalf.

“That’s right. There’s no need to rush. How about postponing the succession process a bit?”

“You people. How can I be sure I’ll live for those next few years? If I die tomorrow, people will be congratulating each other and eating happily at my funeral.”

“That’s not true, Chairman. You’re still so healthy….”

“So, what you’re saying is, my grandson Do-jun can train for a few years and then participate in management, right? Is that what you mean?”

“Yes, sir. We’ll rotate him through key positions as quickly as possible.”

“Then do that. Rotate him. But that’s not related to proceeding with the succession, is it?”

Chairman Jin readily agreed as if it were nothing, but the presidents’ expressions didn’t brighten.

Once the control of the company was secured and Chairman Jin’s influence no longer held sway, there was no way Jin Do-jun would put up with being under salaried managers.

As the major shareholder and owner, he would undoubtedly exercise his rights, and the first exercise of those rights would be to get rid of old guards like them.

They knew Chairman Jin’s intentions perfectly well, but their objection ultimately stemmed from their desire to protect their own positions.

“Chairman, there aren’t many people who can work with a major shareholder above them. There’s no precedent for it either.”

He was talking about himself. President Yang Woo-chan was indirectly saying that he would submit his resignation as soon as Jin Do-jun inherited the financial subsidiaries.

“I see. Well… I’ve never actually had a salaried job, so I don’t really understand the minds of salarymen. Heh heh.”

Chairman Jin’s laughter filled the living room, but the atmosphere seemed to freeze further.

What would he say after that laughter?

The subsidiary presidents swallowed hard, their eyes fixed on the Chairman’s lips.

At that moment, Chairman Jin, having stopped laughing, took an unexpected action.

He picked up the phone receiver.

“Do-jun? Yes, it’s your grandpa. You come here right now. There are some people here who can’t stand the thought of me handing over a few companies to my grandson. Yes, yes. They’re practically glaring at me, trying to pressure this old man. Hurry up and come save your grandpa.”

As soon as he put down the receiver, the presidents frantically waved their hands.

“Aigo, Chairman. Pressure? Please don’t misunderstand.”

“Chairman, we’re just expressing our opinions for the good of the company.”

“It’s alright. Do you think I’d mistreat those who have shared the joys and sorrows with me for over twenty years? That’s not it.”

Chairman Jin was acting differently than usual.

“You all should meet him. Yes! You could think of it as an interview. There are times when I worry if I’m doing the right thing by handing over companies to a young one. I want you to see for yourselves and, if he seems lacking, guide him. It shouldn’t be hard to persuade a young kid, right? And our Do-jun isn’t the kind of fool who ignores the words of his elders. Heh heh.”

The presidents’ expressions hardened even more.

They knew he was not the type to compromise like this.

What on earth was his ulterior motive?

* * *

“What’s wrong?”

“It’s a call from Grandpa. He said the presidents of the financial subsidiaries have gathered and expressed their intention to boycott me.”

Oh Se-hyun threw his head back and laughed heartily.

“Hahaha, those old geezers are quick to calculate. They’re trembling at the thought of being replaced by the next generation.”

“I’ll head over there.”

“Where to?”

“He wants me to meet those old men.”

“Huh? The situation is strange. Are the managers going to assess the major shareholder?”

“No. It’ll be a meeting for the major shareholder to decide whether to replace the managers or not.”

I flashed a relaxed smile at the wide-eyed Oh Se-hyun and headed to Grandpa’s residence.

As I entered Grandpa’s study, I felt four pairs of eyes fixed on me.

I had seen these people briefly a few times during holidays or Grandpa’s birthday, so I knew exactly who they were. Besides, I didn’t need to deal with all four of them.

If you break the head, the body or legs will naturally collapse.

Yang Woo-chan, president of Soonyang Life Insurance.

If taking down that old man wasn’t enough, getting rid of Ko In-kyu, president of Soonyang Securities, would silence the rest of the complaints.

“Hello.”

I bowed politely.

“Ah, yes.”

The seating arrangement was peculiar.

Grandpa sat at the head of the table, with the four CEOs and me facing each other across the long table.

It felt like a new recruit interview for the executive board, or a single interviewer facing four candidates simultaneously.

“Alright, let’s cut to the chase and speak comfortably. I’ll just sit here and listen.”

Grandpa leaned back in his chair, arms crossed, as if watching an entertaining drama.

As I blinked and looked back and forth between the four men, their discomfort was palpable.

They exchanged glances, trying to decide who would speak first, before the most seasoned Yang Woo-chan cleared his throat and began.

“Do-jun, I’ve heard you’re very interested in the financial sector. And that you learned a bit while working at Miracle Investment?”

“Yes.”

I replied briefly. There was no need for lengthy answers to unnecessary questions. Their positions would soon change anyway.

“Right, which area interests you the most? Stocks? Funds? Or derivatives?”

“No. Those are tasks for the staff. I’m interested in management. Long-term investments are intriguing, and M&A—analyzing companies, acquiring them, and then breaking them up and selling them—seems interesting as well.”

How would they interpret this answer?

As the arrogance of a young punk? Or as someone with a different vision?

“I see. In that case, the scale of the funds you manage must be quite substantial?”

I wasn’t here to boast about money, so there was no need to elaborate. A vague answer would suffice.

“I don’t directly manage the funds; isn’t the company doing that? I just observe the fund management system.”

It must be awkward for these older men to continue the conversation. They needed to impress upon me that I lacked experience, but because I skipped over the practicalities, they were likely wondering what to criticize.

“Aish, this is boring. President Yang, President Ko, ask directly. Ask if Do-jun is going to take control of the financial subsidiaries… or if he’s going to leave the management to you while calling himself Chairman or Vice-chairman, drinking and chasing women. Isn’t that right?”

Growing impatient with their indirectness, Grandpa interjected.

“Ch-Chairman. Your jokes are going too far. Do-jun is known for his diligence… There’s no way he’d do that, right?”

“You all know him well. So, it’s obvious that Do-jun will take control of the companies, but you’re curious about the direction he’ll take? Isn’t that it?”

Grandpa’s pointed question caused them to clear their throats awkwardly.

“Do-jun, tell them what they’re curious about. These people are worried sick because they don’t know what a young kid like you will do with a massive financial group. Ease their worries.”

As Grandpa looked at the presidents and laughed, their throat-clearing became more frequent.

“I believe that separating ownership and management is the ideal corporate structure, so I have no intention of interfering in the management of the financial companies.”

The presidents’ expressions brightened. They wouldn’t have to bow their heads to a young brat every day, submitting reports.

“My rights as a major shareholder—that is, expressing my opinion only on the appointment of the CEO and executives—are all I’ll exercise. If the performance is good, you won’t need to be concerned about my scrutiny.”

Now the presidents were almost ready to welcome me with open arms. Wouldn’t a young man who only cared about performance and didn’t interfere be much easier to deal with than some meddling upstart?

“What do you think of my idea? Are your worries alleviated?”

Their nodding heads and the smiles spreading across their faces answered my question.

“By the way, President Yang, Executive Director Jang Do-hyung’s promotion was quite extraordinary. Do you think it was appropriate?”

“Of course. That fellow is undoubtedly a talent who will lead the future of Soonyang Life Insurance. His abilities and achievements to date are unmatched. That’s why the Chairman made such an unprecedented personnel decision.”

“I see. He didn’t come with you today?”

“Only the presidents are here today. Why do you ask?”

They looked suspicious as I suddenly showed interest in Executive Director Jang.

“Oh, it’s just that if I take over the group’s subsidiaries, I’m thinking of appointing Executive Director Jang Do-hyung as the general vice-chairman of the financial subsidiaries. Meaning, I’d delegate full authority to him.”

This must have been an even bigger shock than me becoming the general vice-chairman and wielding full power.

The old foxes were speechless, their mouths agape.

“Haha! Checkmate! Hehehe.”

Only Grandpa’s laughter echoed in the quiet study.