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CH200 | Heir
🕑 Added 2025-05-30 12:25:01 +0000 UTCEvery January, CES takes place.
Last year, we skipped CES and focused on Apple’s developer conference, WWDC, so we didn’t launch any outstanding new products.
But this year was different.
We unveiled some premium home appliances co-developed with the Arnault family at CES.
To hear about the response at the event, I called Director Woo Seong-il, who was there, into the vice chairman’s office.
“How was the reaction at CES? I should have gone myself, but my schedule was packed.”
“The reaction was very positive. Some critics who believe technology is everything in home appliances grumbled a bit, but overall, it attracted a lot of attention.”
“It’s natural that products closer to works of art get more spotlight than ordinary appliances.”
“The problem is that buyers haven’t expressed purchase intentions. Since the prices are set very high, the potential buyers are limited.”
These appliances were handmade.
Even if orders came in, the quantity couldn’t be large.
Collaborating with the Arnault family to create this premium line was primarily to boost Taewoo Group’s image.
“I’ll take care of that issue. But you look quite worn out lately. Frequent business trips must be taking a toll.”
“I’m not what I used to be. Still, I can easily work for another ten years.”
Is he asking to keep running Taewoo Electronics for ten more years?
I had secretly given Woo many chances.
I highly valued his political skills and appreciated his contribution in bringing subsidiary presidents onto our side.
But now, that opportunity has run out.
It’s time to gradually pull him out from the Taewoo Electronics president role.
“Take a short leave.”
“No, if I die, I can rest forever, right? I want to focus on work a little longer.”
He truly deserves an award for his acting skills.
I just wish his abilities had matched his performance.
That’s why I wanted to offer him a position better suited to his talents — not as the president of Taewoo Electronics.
“Take that leave. If you’re going to move to a different position, you need to prepare yourself mentally.”
“Vice Chairman! Are you saying you want to dismiss me?”
“It’s not a dismissal but a transfer to another position. Taewoo Electronics has now gotten back on track. Many subsidiaries want CEOs like President Woo Seong-il.”
“I consider Taewoo Electronics like my own child. Please don’t make us part ways. There is still so much I can do for Taewoo Electronics and for you, Vice Chairman.”
Woo Seong-il bowed so deeply it looked like he was folding in half.
He wouldn’t want to give up one of the top three CEO positions in the Taewoo Group.
So, I needed to dangle a carrot to make him step down on his own.
“You’ve been with Taewoo Electronics for over 30 years, right?”
“You could say I’ve devoted my whole life to it.”
“That’s exactly the issue. To reach higher positions, you need to understand other subsidiaries as well, don’t you think?”
“Higher positions, you say?”
I pointed at the nameplate on my desk.
[Kim Min-jae, Vice Chairman of Taewoo Group]
“Do you mean to say you want to hand over the Vice Chairman position to me?”
“I’d love to, but it’s not that simple. You need justification and experience. That’s why I’m suggesting you move from Taewoo Electronics to another subsidiary. That’s the way you can qualify for this position.”
“I was stubborn, not understanding your deeper intentions. I truly apologize.”
His eyes were fixed on the nameplate.
If I weren’t there, I think he might’ve even reached out to touch it.
“If you want, you can stay at Taewoo Electronics. But if you want to climb higher, you have to take some risks. I’ll do everything I can to support you, but there will be parts you’ll have to overcome with your own skills.”
“As a man, how can I settle for where I am now? No matter how hard it gets, I’ll aim higher!”
His eyes had a wild gleam.
At this point, even if I begged him to stay at Taewoo Electronics, he would likely refuse and push to move.
“First, take about two weeks off. When you return, the transfer order will be issued.”
“I’ll rest but return ready for battle—in both body and mind! But I want to know which subsidiary I’ll be moving to.”
“That’s not my call. The chairman will decide, so I can’t say anything.”
“You can’t solve a test without knowing the questions in advance! I’ll wait for the transfer order.”
Was Woo Seong-il always this fiery?
He straightened his shoulders and confidently walked out of the vice chairman’s office.
The planning director, waiting outside, watched him closely, and I motioned for him to come inside.
“Why is President Woo acting like that? He’s radiating the aura of a general heading to war.”
“I told him to step down from his position.”
“A dismissal, then?”
“On the surface, it will be announced as a rotational transfer for career development. If he performs well at another subsidiary, he can climb higher, but if his performance is poor, he’ll likely be assigned as an advisor or head of an overseas branch.”
“When you say higher position, you mean your position as vice chairman… To get there, ordinary achievements won’t even get you a foot in the door, right?”
“You never know. He might surprise us with unexpected results.”
This was truly his last chance.
Though calling it a ‘chance’ felt a bit off.
Woo Seong-il was now standing on the guillotine’s edge — if he managed to escape by his own skill, the rewards would be huge.
But surviving the guillotine required a miracle.
And miracles are only called that when impossible feats succeed.
“Given Woo Seong-il’s personality, it looks difficult.”
“I agree. So find a subsidiary he can be assigned to — one that’s underperforming and tough.”
“I’ll find a suitable place and report back.”
“By the way, how’s the Super Bowl ad contract coming along?”
The Super Bowl, held in the U.S.
While American football was unfamiliar in Korea, it was the biggest sports event in the U.S., with over 100 million viewers.
There was no better platform for publicity than a Super Bowl ad, but securing one cost over 200 million won per second.
Taewoo Group’s entry into the U.S. market was accelerating.
Especially for promoting Taewoo Motors and Taewoo Electronics, a Super Bowl ad was necessary.
“We’re in the final stages of negotiation. You ordered us to secure the best time slot even if it meant paying a premium, so we set a higher bid than other companies — around 9 billion won.”
“Nine billion won for one ad. Well, if it’s worth the effect… And be sure to include the tagline I suggested.”
“The ad production is already complete, and we’ve inserted the line you requested. However, the ad agency expressed concerns since the phrase doesn’t quite fit Taewoo Group’s image.”
“We’ll see once it airs.”
Super Bowl 2004.
It was shaping up to be one of the most memorable Super Bowls in many ways.
And we had crafted an advertising slogan perfectly suited to seize that opportunity.
“By the way, are you planning to watch the Super Bowl live? Your business trip to the U.S. coincides with the event.”
“I don’t like crowded places, so I have no intention of going to the stadium.”
This Super Bowl was expected to be a rather unpleasant event.
I had no desire to witness any unpleasant scenes in person by going all the way to the stadium.
“So, are you visiting the U.S. for other business purposes?”
“Exactly. Ah! There’s someone I want to meet before I leave for the U.S., but I can’t recall the name.”
“If you give me some details, the Planning Office can track them down.”
“He runs an internet-related company, and I think he’s currently developing a video-sharing platform. I heard a rumor about someone starting such a business, but I never got his name.”
“That’s enough information. I’ll find the company name and location for you by the end of today.”
Taewoo Group’s information network was vast.
Especially the Planning Office, which had better intelligence capabilities than many police stations.
Since the person I was looking for was a businessman, they could locate him even faster.
“Found him! Kim Ik-su, CEO of a company that makes screensavers, is currently traveling around gathering investment funds to develop a video playback platform.”
“He came to Taewoo Group as well?”
“Yes, he visited us at the end of last year, but we didn’t invest, judging the business’s chances of success as low.”
The Planning Office’s judgment wasn’t bad.
Though video playback platforms were gaining massive attention with the advent of smartphones, succeeding in Korea was still difficult.
The Planning Office had already identified this and decided not to invest.
“I’d like to meet him.”
“I’ll arrange a meeting as soon as possible.”
The Planning Office chief stepped out briefly to make a call.
In less than a minute, he returned with good news.
“CEO Kim Ik-su says he can come to Taewoo Group right now. But Vice Chairman, do you plan to invest in the video playback platform?”
“I’m interested, but it’s a tough business to succeed in here. Server costs, network fees, copyright issues… It might gain popularity but running at a loss is almost inevitable.”
“I thought so too, so I didn’t submit an investment report to you.”
“Still, just the fact that he considered these points suggests he’s quite capable. I want to meet him once.”
While waiting, the Planning Office chief brought information about Kim Ik-su.
No photos, only text-based data.
Just as I finished skimming through the report, CEO Kim Ik-su arrived at the Vice Chairman’s office.
“Thank you for inviting me. I’m Kim Ik-su of Start System!”
“Please, have a seat. I requested this meeting because I was intrigued by the investment proposal you sent to Taewoo Group.”
“Thank you for your interest. I’m planning to challenge the video platform market with Fantasy TV.”
“But there seem to be many problems, especially with server costs and network fees. The structure makes it almost impossible to turn a profit.”
“I plan to solve that issue through advertising.”
YouTube also generated revenue through ads.
But YouTube is a global company, while CEO Kim Ik-su’s platform targets only the Korean market.
Although the economy has been recovering since the financial crisis, compared to the global market, the number of companies willing to place ads locally is naturally limited.
“To make advertising work, the ads would have to be very long. That’s something customers will never like.”
“As user numbers grow, we can raise ad rates. If that happens, we can turn a profit!”
Kim Ik-su spoke with confidence.
I studied his face while reviewing his details—he had remarkable capabilities.
That made sense.
He had created a video platform a whole year before YouTube.
Though not the world’s first, it was certainly the first domestic video platform.
“No matter how high you set the ad rates, success will be very difficult. There’s only one way, CEO, for your video platform to succeed.”
“What way is that?”
“To become the video platform that dominates the global market.”
“...Is that even possible?”
“It might be, if you secure hundreds of millions of won in investment. But if you lack sufficient funds, it will collapse before it even reaches stable footing.”
I gave Kim Ik-su a warning.
I already knew how his video platform would turn out.
But if he took my hand, both his future and that of his platform could change.
Comments
Rakim
Thank you
