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🕑 Added 2025-04-17 02:53:32 +0000 UTCTen years later, Hyundai Motors will rise to third place in the business rankings on its own.
However, Hyundai Construction, Securities, and Electronics will face significant difficulties, leading to downsizing or being handed over to other conglomerates.
In the end, the ultimate victor was the eldest son, Jang Kyung-joon.
But since no one knew this yet, a fierce succession battle was underway, with each party trying to gain as many subsidiaries as possible.
"If we support one side, the balance of power will tilt significantly, right?"
"If Tae-woo Securities transfers its stake in Hyundai Group to one side, that’s certainly a possibility."
"If we were to install the chairman of Hyundai Group ourselves, we could reap many benefits. Unfortunately, that’s not an option for us."
"Why is that?"
"Chairman Jang Young-joo personally asked me never to interfere in the management dispute."
"Did that really happen? It seems Chairman Jang foresaw a day like this."
A promise is a promise, and it must be kept.
However, situations that made it difficult to uphold that promise kept arising.
I truly had no desire to get involved in Hyundai Group’s leadership battle.
Yet, Jang Young-joon, the sixth son, reached out to me, saying he wanted to meet. And since I had no valid reason to refuse, I had no choice but to see him.
"I apologize for calling you out when you're so busy. I contacted you shamelessly because I really wanted to meet."
"Aren’t you even busier than I am, Co-Chairman Jang Young-joon?"
I deliberately emphasized the words "Co-Chairman."
It was my way of reminding him that he was not yet the true head of Hyundai Group. That way, he would be more likely to let his guard down and reveal his true intentions.
"Haha, I don’t know why I dislike hearing the word ‘Co-Chairman’ so much."
"I must have made a mistake. From now on, I’ll address you as Chairman Jang."
"It’s not really a mistake. My title is Co-Chairman, so it’s only natural for you to call me that."
Jang Young-joon was unable to fully conceal his true feelings.
Meanwhile, I carefully examined his profile. Compared to Chairman Jang Young-joo, his capabilities were significantly inferior.
"Since you can’t be away for long, let me get straight to the point. I cannot interfere in Hyundai Group’s current situation. I made a promise to Honorary Chairman Jang Young-joo."
"I’ve heard about your close relationship with my father. That’s exactly why you should help me. After all, I am the successor my father chose."
The successor personally chosen by Chairman Jang Young-joo.
There could be no stronger justification than that. If things followed their natural course, it was only logical that he would become the next head of the group.
However, he was the sixth son, not the eldest. To everyone except Chairman Jang Young-joo, he was not considered a legitimate successor.
Especially among his brothers.
They all insisted that the eldest son should be the successor.
Even their relatives sided with the eldest son, which was why Jang Young-jun had come to me.
"Even so, I cannot break my promise. I’m truly sorry."
I repeatedly made my refusal clear.
One might wonder why I even came to this meeting if I was just going to refuse.
But wasn’t it necessary for the rumor of my meeting with Jang Young-joon to spread? That way, Jang Kyung-joon, the eldest son, would be forced to take action.
As expected, the rumors spread quickly.
Since this was a succession battle that had captivated the entire nation, there were even journalists who secretly took photos of my meeting with Jang Young-joon.
Naturally, Jang Kyung-joon also reached out to me.
To avoid making the same mistake of getting caught by paparazzi, I arranged to meet him at a location managed by Captain Kang.
"I sincerely apologize for causing you any concern. I did not meet with Co-Chairman Jang Young-joon to express my support for him in any way. Honorary Chairman Jang Young-joo personally asked me to stay out of the management dispute, so I simply reiterated that I could not support Co-Chairman Jang Young-joon."
"Hahaha, Director Kim Min-jae, there's no need for you to make excuses. And even if you did support Young-joon, what could I possibly say? You are, after all, the most influential person in Korea."
I had deliberately gone into a lengthy explanation to lighten the mood.
My strategy worked perfectly, and we were able to continue our conversation in a pleasant atmosphere.
"So my father made such a promise with you? I had no idea."
"Actually, Honorary Chairman Jang Young-joo initially asked me to support Co-Chairman Jang Young-joon, but I declined. Instead, I promised not to interfere in the succession dispute."
I intentionally brought up something I didn’t necessarily have to mention.
This way, I could bruise Jang Kyung-joon’s pride.
"Honestly, my father is too much. I’ve already been dragged through the mud simply for being the eldest son, and now he’s saying I can’t inherit the chairman’s position because of my tarnished reputation?"
"I heard that your time in prison took a toll on your knees."
"Every time it rains, the pain is unbearable. I went through all kinds of hardships, and yet, here we are."
Jang Kyung-joon spoke of his struggles with a smiling face.
Meanwhile, I examined his profile.
His abilities were far superior to Jang Young-joon’s—so much so that I couldn’t help but gape in surprise.
His skillset was almost identical to Chairman Jang Young-joo’s.
So why had Chairman Jang Young-joo chosen Jang Young-joon over him as his successor?
Perhaps it was because they were too similar.
If Jang Kyung-joon became chairman, he would undoubtedly try to take control of everything.
In that case, the other brothers wouldn’t receive proper inheritances, so Chairman Jang Young-joo may have chosen the more mild-mannered Jang Young-joon as his successor instead.
"Lately, I’ve felt like a parrot, repeating the same thing over and over. I cannot interfere in Hyundai Group’s management dispute."
"It’s enough for me to confirm that you are not supporting Young-joon."
Though he said he was satisfied, disappointment was evident in Jang Kyung-joon’s expression.
To ease his frustration, I decided to introduce a new topic.
"I hope I’m not overstepping, but may I offer a word of advice?"
"Who could possibly stop Director Kim Min-jae? Whatever you have to say, I must listen."
"It may sound like self-praise, but my grandfather has often told me that I have a keen eye for things. In fact, I owe my positions as the president of Taewoo Electronics and the head of the Planning Division at a young age to this very ability."
There was nothing more unappealing than bragging about oneself.
And yet, I deliberately began with self-praise, and Jang Kyung-joon showed great interest.
"If Chairman Kim Tae-jung says so, then it must be true. The person I respect most in Korea is my father, and second to him is Chairman Kim Tae-jung."
"From my perspective, Co-Chairman Jang Kyung-joon's abilities far surpass those of Co-Chairman Jang Young-joon."
"Haha, there's no need to flatter me. If I were truly capable, my father would have chosen me instead of Young-joon."
But I wasn’t trying to flatter him.
As the successor of Taewoo Group, why would I go out of my way to do that?
"To be more frank, Co-Chairman Jang Young-joon lacks the capability to lead Hyundai Group."
"I think so too. That’s precisely why I'm defying my father’s decision."
"But since Honorary Chairman Jang Young-joo has already designated Young-joon as his successor, the outcome cannot be changed. Within Hyundai Group, the chairman’s word is absolute."
"I'm not sure what you're getting at with this."
No matter what he did, the next chairman would be Jang Young-joon.
Hearing me spell it out so plainly must have been infuriating for Jang Kyung-joon.
"Why not take a long-term view on this?"
"And what exactly do you mean by that?"
"Let Young-joon take the chairman's seat for now. When an incompetent person rises to power, the entire group will inevitably falter. When that happens, you can absorb Hyundai Group’s subsidiaries."
I had every intention of keeping my promise to Chairman Jang Young-joo.
That promise was simply not to interfere in the succession battle.
Acquiring subsidiaries later, when Hyundai Group was on shaky ground, would not be breaking that promise.
"It almost sounds like you're suggesting we divide Hyundai Group among ourselves."
"I will help you acquire Hyundai Construction."
"And in return, what do you expect from me?"
"I only ask that you help Taewoo Group acquire Hyundai Electronics' semiconductor division."
My true objective was semiconductors.
Of course, I could acquire Hyundai Electronics' semiconductor business even without Jang Kyung-joon’s help.
But if I had his support, I could obtain it at an incredibly low cost. That was why I made this proposal.
"It would be great if I could take Hyundai Construction, but Young-joon will never let it go."
"The construction industry is currently in a dire situation. A skilled leader might be able to navigate through the crisis, but..."
"But Young-joon is not a skilled leader, so you’re saying Hyundai Construction will collapse?"
"That’s how I see it."
"And what if that doesn’t happen? Am I supposed to just sit back and watch?"
Businessmen never trusted verbal promises.
Jang Kyung-joon was no different, so I pulled out the prepared documents.
"If Hyundai Construction does not face a crisis within a year, Taewoo Group will transfer 8% of the Hyundai Construction shares it holds to you."
"You’re saying you’d just hand over the shares?"
"Of course, I wouldn’t just give them away for free. I’ll transfer them at the market price at that time."
"Hmm, that’s not a bad deal. But even if Young-joon lacks managerial ability, do you really think both Hyundai Construction and Hyundai Electronics will end up in danger?"
Hyundai Electronics was generating solid revenue.
In particular, after seizing the semiconductor business from CL Electronics, its growth potential was looking quite promising.
"Semiconductors require even greater managerial skill than the construction industry. Not to mention, the initial development phase demands an enormous financial investment. If Hyundai Group gets fragmented, where would Chairman Jang Young-joon even secure such funding?"
"That brings me to a question I’ve been meaning to ask—what do you think of me, Director Kim Min-jae?"
"I believe you’re the son who most closely resembles Chairman Jang Young-joo. Especially when it comes to managerial capability, I’d say you’re almost his exact replica."
At that, Jang Kyung-joon finally broke into a smile.
Without hesitation, he signed the document I had handed him.
"I feel a sense of relief now. My mind was clouded with thoughts of my younger brother taking the group from me, but thanks to you, Director Kim, I feel much clearer now."
"Before Hyundai Construction starts to falter, you should first stabilize SS Motors. That way, you can secure additional capital for the Hyundai Construction acquisition."
"You don’t need to worry about SS Motors. For the time being, I plan to go there personally and oversee its normalization."
The biggest concern was SS Motors.
In the past, Taewoo Motors had acquired SS Motors, but this time, it had fallen into the hands of Hyundai Motors.
Having witnessed firsthand how much of a burden SS Motors had been on Taewoo Group, I couldn't help but feel uneasy.
"As you know, today’s conversation must remain strictly between us."
"Even if this discussion were to leak, who would actually believe it? Besides, it’s not as if we’re intentionally trying to harm Hyundai Group, so there’s no real issue. But I’ll make sure to keep everything under wraps regardless."
Chairman Jang Kyung-joon’s expression brightened considerably.
The eldest son, denied his father’s choice.
How much anguish must he have endured?
But now, with a new hope ahead, he could finally put the past behind him.
