Chapter 165: Checkmate.

Checkmate.

No other phrase could describe it better.

Weren’t the executives overjoyed at the idea of separating ownership from management, relinquishing all control over day-to-day operations?

It’s only natural to select someone to oversee the management in place of the owner. And this representative isn’t an outsider, but a highly talented individual recognized by them all: Executive Director Jang Do-hyung.

If they oppose this, then all their previous claims about worrying for the company’s well-being were nothing but lip service.

Their concern wasn’t for the company, but for their own positions.

Opposing Executive Director Jang Do-hyung would not only embarrass President Yang Woo-chan, who showered him with praise, but also make Chairman Jin, who approved the extraordinary promotion, look foolish.

And if they agree?

They would have to serve a subordinate they bossed around until today as their superior. The best course of action would be to resign without a word.

If I were the general manager, at least I’d have a justification not to quit.

Being a member of the owner’s family and a major shareholder, after all.

“Why the long faces? Is Executive Director Jang Do-hyung unqualified? Or is he not trustworthy?”

Who would dare answer, and how?

I exchanged glances with each of the four men, but none spoke easily.

They were watching Grandfather, their expressions uncertain whether they were awaiting instructions or seeking help.

But Grandfather avoided their gaze, instead urging them for an answer.

“What is it? Are you ignoring a major shareholder’s question? This isn’t a management issue, but a personnel matter, surely I’m entitled to ask as a shareholder?”

“Well… yes, but it’s quite unprecedented…”

President Ko In-kyu of the Securities firm managed to respond, but he had walked right into a trap.

“Isn’t being an executive director in your late forties also unprecedented? ‘Unprecedented personnel changes’ are only that way the first time. ‘Un-pre-ce-dent-ed!’ It means breaking away from established norms. Since that’s already happened, a personnel appointment disregarding seniority is now the norm and the formality.”

President Ko In-kyu was silenced. I seized the opportunity to press further.

“Do any advanced financial firms or Western companies that claim to uphold global standards promote based on age or tenure?”

Finance is strictly a Western business domain. From beginning to end, wasn’t it a business created by fair-skinned people? We can’t deny their leadership in this field.

“The IMF bailout conditions included opening up the financial markets. Foreign capital is flooding in. To compete with, utilize, or absorb that capital, shouldn’t we adopt their methods? I considered Executive Director Jang Do-hyung a symbol of that, believing Soonyang was ready for global competition. But… judging by your expressions, it seems I was mistaken.”

My words were calm and measured, but they carried the weight of sharp criticism, and no one dared to meet my gaze.

“It seems even I can see what your first task should be. You need to prepare a comprehensive report that leaves no doubt about Do-jun’s questions. Addressing foreign capital, isn’t it?”

“Y-yes, we’ll prepare it immediately.”

President Yang Woo-chan barely managed to reply when I shook my head.

“No. I have something prepared already. It would be better to review it together. Ah, if my presence is uncomfortable, I can leave. The financial executives can discuss it thoroughly and just inform me of the final decision.”

“You prepared it?”

I did prepare it, but there’s no need to tell the truth. To add more weight and pressure, I need to borrow some authority.

“No. Miracle Investment’s US headquarters prepared it. They spent months analyzing Soonyang’s financial firms. It will be helpful.”

The presidents looked perplexed, but Grandfather showed curiosity.

“I’m curious to know what it contains. They’re analyzing us in the US?”

“It might be a little difficult for you to understand, Grandfather.”

“What? You rascal!”

How could Grandfather, who only grasped the broad strokes of company policy, possibly understand such intricate details?

“Alright. Then explain it to these gentlemen. I may not understand, but they will. Won’t you?”

Grandfather, who had been chuckling and observing, dropped his smile and began to glare at the executives.

“President Yang.”

“Yes?”

Seeing his startled reaction, I couldn’t help but find it a little amusing.

“You invest Soonyang Life Insurance’s funds in various places, and there are quite a few domestic bank financial products, correct?”

“Y-yes, that’s right.”

His face betrayed his unease. As the CEO of a life insurance company, he couldn’t possibly be aware of every single investment product the company held.

If I were to question him about specific investment products, he would undoubtedly be humiliated in front of the Chairman.

“Typically, these products only explain the performance, expected return rate, and safety. But they don’t explain where my money flows when I invest in those financial products. And I don’t know what those products are actually composed of either.”

“What are you talking about? Bonds, stocks, physical investments… they’re invested in specific areas…”

Grandfather couldn’t help but interrupt.

“No. It’s more complex these days. Even bonds are bundled together in various ways to create products. For example, they might mix bonds from Florida’s mortgage-backed securities with corporate bonds from UK companies and Mexican government bonds.”

“It looks complicated, but they’re all bonds anyway.”

“If that were the case, there wouldn’t be anything to worry about. But that’s not all. Other things are mixed in as well. Even derivatives that bet on the recovery rate of these bond bundles are included.”

“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 had good reflexes.

He cut me off and even raised his voice, fearing more detailed explanations.

At this point, it’s good to save face and play along.

I’ll have to see these people regularly, and getting on bad terms over trivial matters will only make things difficult for me. The presidents in front of me still wield considerable power.

“No. How could anyone know all that? The person who needs to know those details precisely is the analyst. If the analyst in charge of investments doesn’t know the details of the product, they should be fired, but executives don’t need to.”

“Then what do you think is the duty of an executive? What do you think they need to know?”

“While there are many responsibilities, wouldn’t the most important one be accurately judging how high the rising water will reach?”

President Yang isn’t the only one with quick wits. They all have the sense to understand my words.

“If the water only reaches our noses, we might be alright, but if it submerges our heads, there’s no way to survive. Isn’t that right, President Lee Min-seop of Soonyang Card?”

President Lee Min-seop, suddenly the target, was startled and confused. The credit card business is currently booming.

It’s a goldmine where cash pours in as long as the groundwork is laid. Performance is breaking records, seemingly reaching for the sky.

Water rising implies risk, but he never imagined he would be the subject here.

“I never imagined that was a warning directed at me… well, well.”

He seemed quite displeased, his expression dark.

“The credit card business is fundamentally a lending business. Wouldn’t the key be the recovery of those loans?”

“And?”

“Housewives with no income and university students who don’t even have part-time jobs are receiving cash advances of 300 and 200 respectively under the guise of credit. Even salaried workers with stable incomes are struggling to juggle their credit card payments. Ask any Soonyang Card employee. How many of them do you think don’t engage in credit card juggling?”

President Lee Min-seop merely bit his lip.

Habits are frightening. People habitually swipe their cards and habitually deposit their salaries to pay them off.

Because so many people around them pay late fees and engage in credit card juggling, it has become the norm. People have lost their fear of debt.

Not only the card users but also the credit card companies consider it a natural occurrence.

“That’s a sign of the water rising?”

Grandfather opened his mouth with a stern expression.

“Isn’t it the role of executives and management to make that judgment? Who knows if incurring debt to use credit cards is a sign of rising water or a lifeline for the Korean economy?”

Grandfather’s expression was the same as when he was in his study.

Only breaths could be heard in the stiff and cold study.

Grandfather broke the silence.

The atmosphere in the study began to ease again.

“Well? What are your thoughts?”

“Pardon?”

“Are you still of the opinion that Do-jun needs to spend years rotating through various company departments to gain the qualifications?”

What was he talking about now?

Ah, he was referring to the so-called management training.

“May I say a word?”

After I asked for permission, Grandfather nodded.

The executives who hesitated to answer Grandfather’s question flinched at my glare. They had just implied that they would be ‘training’ their future superior, a misstep right from the start.

“It’s the first time I’ve heard that a shareholder needs to undergo training from the company they own shares in.”

“Ah, th-that’s…”

“I suggested it thinking you might be deeply involved in management. Had I known you intended to separate ownership and management, I wouldn’t have brought it up.”

“Y-yes, that’s right. We expected you to be directly involved in management, Do-jun. That’s why we said that, so please don’t misunderstand.”

The flustered presidents waved their hands hastily and stammered.

“No, I don’t misunderstand. I’m prepared to watch from the bench and step onto the field if necessary. In that case, do you still think I need to rotate through company departments to learn the ropes?”

They showed slight embarrassment at my bold question, but their seasoned demeanor remained.

President Yang Woo-chan smiled and spoke.

“That’s something you should decide for yourself when the time comes, wouldn’t you say? Seeing you today, it seems you’d volunteer to go through the grind if you felt it was necessary. Haha.”

That was the most appropriate response.

He was leaving the assessment and decision-making regarding myself to me.

It was both a compliment and a way to avoid responsibility.

“Alright, I believe we’ve learned enough to make a judgment about my grandson. Anything else to add?”

Everyone closed their mouths and gave slight nods.

They had tried to prevent becoming targets of generational change but now that the future was uncertain, they couldn’t give a bright response.

Grandfather, frowning at their demeanor, subtly waved his hand.

“Go back and see to your work. If you’re away from the company for too long, you’ll be the ones getting anxious. Go on now.”

As the four presidents left the study, each of them met my eyes.

Judging by their faint smiles, they seemed to be accepting my position.

“Do-jun, are you serious? About putting a mere executive director in the top position?”

Once we were alone, the first question Grandfather asked concerned the personnel matter.

“We’ll have to conduct an interview and then decide. But Executive Director Jang Do-hyung has a good reputation. As President Yang said, he seems to have the qualities to lead Soonyang’s future.”

“Is that the rumor on Yeouido?”

“Yes.”

“Hmm….”

“What is it?”

Grandfather spoke after a long sigh.

His attitude was ambiguous, neither a request nor a command.