InkBound
patreon
CH68 | Heir
🕑 Added 2025-03-31 02:17:03 +0000 UTCThe vote didn’t take long to conclude.
The presidents of Taewoo Group’s subsidiaries, who held shares in Taewoo Electronics, quickly cast their votes while keeping a close eye on Grandfather.
Most of the attendees also stole glances at him.
Grandfather, as always, met their gazes without hesitation.
There was even an air of arrogance about him, as if to say that every decision within Taewoo Group could only be made by him alone.
And honestly, that was to be expected.
He had built Taewoo Group from the ground up and expanded it to its current scale.
Without him, Taewoo Group wouldn’t even exist. Many people believed that Taewoo Group and my grandfather were one and the same.
"The vote has concluded. We will now begin the tallying process."
The ballots were counted in the open.
Grandfather remained composed, exuding an air of confidence—and I knew exactly why.
Somehow, the National Pension Service, which should have remained neutral, had sided with him.
The pension fund held a significant 6% stake in Taewoo Electronics.
Combined with the 10% owned by Taewoo Group’s subsidiaries, that totaled 16%.
So, this is how far he was willing to go against his own grandson.
I had considered the possibility, but I never thought he would actually go so far as to involve the National Pension Service.
"The results are in. The votes in favor of the division and sale of the mobile business unit amount to... 30%, while the opposing votes total 25%. In accordance with the shareholders' decision, the mobile business unit will be separated and sold."
A heavy silence fell over the room.
As the results were announced, everyone turned to look at Grandfather, covering their mouths in disbelief.
He leaned back in his chair, his expression one of pure shock.
Then, without saying a word, he stood up and left the meeting room.
Now, all eyes turned to me.
It was a clear sign—the balance of power, once thought to be immovable, had begun to shift in my direction.
"President Kim Min-jae, the Chairman is waiting for you on the rooftop."
The chief secretary quietly approached and informed me.
I nodded and took the elevator up to the rooftop alone.
At the entrance to the rooftop, security guards stood watch.
They must have been instructed in advance, as they promptly unlocked the heavy metal door and allowed me through.
Huff... exhale...
Grandfather stood there, gazing up at the sky, releasing a slow stream of white smoke.
I stood silently beside him, waiting for the smoke to dissipate.
"Hah... So, you won."
"It was never about winning or losing. Both you and I are working for the sake of Taewoo Group, aren’t we?"
"It seems you’ve been expanding your influence within Taewoo Electronics without me noticing. I never expected that all the hidden major shareholders would take your side..."
I had been quietly acquiring Taewoo Group shares through various channels in Myeong-dong and the banking sector.
Since buying large amounts from a single source would attract attention, I had used multiple companies under SAVE Investment Group to distribute the purchases.
Grandfather had no idea that all of those companies belonged to me.
"I just got lucky."
"No… I don’t think luck had much to do with it. You even managed to sway President Park Man-deok of Taewoo Securities."
Both Grandfather and I had truly given it our all.
I had used SAVE Investment Group’s funds to purchase shares circulating in the market.
Meanwhile, Grandfather had been acquiring Taewoo Electronics shares through Taewoo Securities.
That was why I had to win over Park Man-deok, the president of Taewoo Securities.
If Taewoo Securities sided with me, victory would be guaranteed.
The persuasion process hadn’t been easy, but in the end, I succeeded in bringing him to my side.
"Rather than persuasion, it was more like coercion."
"Haha… Did you really want to beat your grandfather that badly?"
"That’s exactly what I wanted to ask you. I never expected you to go as far as mobilizing the National Pension Service."
"You really didn’t expect it?"
"I had some suspicions."
"So, you saw through all my moves. Haha, that’s exactly what I’d expect from my grandson."
Grandfather let out a hearty laugh.
But beneath that laughter, I could hear a faint trace of sadness.
"Looks like my days of being pushed aside into obscurity aren’t far off… I couldn’t even outmaneuver my own grandson."
"You're still as sharp as ever, Grandfather. It'll be another 20 years before you have to step aside."
"How could I possibly continue after being humiliated in front of the shareholders?"
"For the future of Taewoo Group, your presence is essential."
"At least you have the decency to say that much."
Today, for some reason, Grandfather’s shoulders looked smaller than before.
There was no denying that he had played a decisive role in Taewoo Group’s downfall.
But his abilities were never in question.
Right now, I was fighting against him—but when the financial crisis hit, I would desperately need his expertise.
Mergers and acquisitions.
When corporations collapsed during the crisis, Grandfather’s skills would be invaluable in acquiring them.
At the very least, he had to remain in his position as chairman until then.
"I want to build Taewoo Group into the world's greatest company, together with you."
"So what you’re saying is… I should just listen to everything you say?"
"I just want to ask you to trust me. At least until the things I do lead to failure, please have faith in me."
"You haven't failed in anything you've taken on so far. Fine, go ahead and do your best. Whether you sell the mobile division or any other business unit, I won’t interfere with what happens in Taewoo Electronics."
"Thank you. I will be a grandson who never disappoints you."
Grandfather patted my shoulder and headed toward the exit.
I followed him at a respectful distance as we descended from the rooftop.
* * *
A few days after the shareholders' meeting, I received some great news from Dimon.
"Hyunjae Group is coming in strong. They've offered a staggering 2.4 trillion won."
"At that price, Samjin Group won’t stay in the race any longer."
"Hyunjin Group already dropped out, and if things continue like this, Hyunjae Group will be confirmed as the buyer."
"You’ve done a great job. You've really managed to sell it for twice the price."
Taewoo Group had initially sold Taewoo Shipbuilding for 1.2 trillion won.
Now, Dimon was on the verge of sealing a deal to hand it over to Hyunjae Group for double that—2.4 trillion won.
"It was all thanks to your perfect timing in fueling the competition. If Hyunjin and Samjin Group hadn’t been in the mix, we wouldn’t have been able to push the price past 2 trillion."
"Now you can move on to the next task."
"You mean the sale of the mobile division."
"I’ll handle the initial negotiations with Apple’s board. I just need you to wrap things up."
"I've been through countless negotiations on Wall Street. Leave it to me."
This wasn’t going to be a difficult deal.
Taewoo Electronics’ mobile division, which had already produced the wildly successful InnoPhone, was an irresistible acquisition target.
Especially for Apple.
With Steve at the helm, they were diligently preparing their next product. Until it was ready for release, InnoPhone could fill the gap in their lineup.
"Let’s head to the U.S. together. We’ll be staying there until CES ends."
"Going to the U.S. with you, sir, makes me feel more confident. But first, I’ll finalize the Taewoo Shipbuilding sale."
I walked over to the large whiteboard in the center of my office.
It was covered with details about Taewoo Group’s subsidiaries and debt figures.
I circled Taewoo Shipbuilding and the mobile division.
"Once the mobile division is sold, Taewoo Group's debt will shrink significantly."
"We expect the debt, which once stood at around 20 trillion won, to drop to 15 trillion."
Before the financial crisis, the debt had been 20 trillion won.
But when the crisis hit and the exchange rate surged, it ballooned to 80 trillion.
It wasn’t just the exchange rate that caused the increase.
When short-term loans were suddenly withdrawn, we had no choice but to borrow at much higher interest rates elsewhere, further inflating the debt.
The debt had now been reduced to 15 trillion won.
With the short-term loan issue gradually being resolved, even if a financial crisis hit, the debt wouldn't skyrocket as it had before.
But it still wasn’t enough.
I wanted to eliminate the 15 trillion won in debt entirely.
Selling off subsidiaries and restructuring alone wouldn't be enough to achieve that.
"Since we're going to the U.S., we should stop by Ford as well."
"Surely, you're not planning to sell Taewoo Motors too?"
"Of course not. I may sell off other subsidiaries, but Taewoo Motors is untouchable. It's a matter of my grandfather’s pride."
Now, it was time to put the next phase of my plan into action.
Once CES was over, I would move immediately.
* * *
The new year of 1996 had arrived.
Seeing the calendar change gave me a sense of urgency.
There was now only one year left until the financial crisis.
"Sir, we've arrived at the CES venue."
"Is everything ready for the exhibition?"
"Yes. We've set up more products than at the German electronics fair, and our booth is even bigger."
Vice President Woo Sung-il had personally overseen the booth preparations.
It was rare for both the CEO/President and vice president to travel abroad together.
But CES was that important, so we had flown to the U.S. on the same plane.
Since I had other pressing matters to attend to, I couldn’t focus solely on CES. That meant I had to leave the event in Woo Sung-il's hands.
"Let's go inside and take a look."
"I'll guide you."
Thanks to InnoPhone’s success, we had secured a prime spot at the center of the venue.
As a result, InnoPhone dominated most of our booth space, with two new slide phone models showcased right beside it.
"How's the response to the slide phones?"
"Industry professionals are raving about them. They’re calling it a revolutionary design following the flip phone era."
In terms of design, the slide phones were outstanding.
While flip phones had mainly appealed to men, the slide phone was targeting a core female audience.
"The consumer electronics designs look great too."
"We’ve moved away from bulky, outdated styles and focused on sleek aesthetics with enhanced functionality."
Taewoo Electronics was evolving at a rapid pace.
It had abandoned its 'tank-like' durability-first philosophy and was now creating products that emphasized both emotion and function.
This transformation had been possible by sweeping out the old-fashioned executives who clung to outdated thinking.
"Where is the MP3 player being displayed?"
"It's the only non-Taewoo Electronics product at our booth, so we placed it toward the outer section."
"Even if it's not our own product, we're responsible for promoting it. Move it right next to InnoPhone."
"Oh, understood."
The MP3 player was named MPMan, just as it had been in my previous life.
That meant history would likely repeat itself.
As I gazed at MPMan with a bittersweet expression, a very familiar and welcome voice came from beside me.
"Hey, Kim! Taewoo Electronics really brought their A-game to this CES. That slide phone, in particular, is amazing."
"Of course. After all, a certain famous individual contributed to its early design."
Steve had been involved in the initial design of the slide phone.
From its aesthetics to its emotional appeal, his influence was deeply embedded in the product.
"Is this the MP3 player I’ve been hearing about?"
"Would you like to try it?"
Steve’s interest was piqued.
I handed him a displayed MPMan unit.
I held my breath as I watched the moment unfold.
This was the beginning of the iPod—one of the greatest masterpieces in history.
