The Chaebol Returns To The Presidency 1967 [EN]: Chapter 74

74. How About a Cabinet Position?

Jeonkyunryun Hall.

The heads of the top 20 conglomerates gathered for an emergency meeting.

“Is Chairman Jung doing this alone? What about us?”

“I know, right? Why is Hyunse taking the lead when the government is staying put?”

“It’s corporate autonomy, no need to be shaken. Hyunse is Hyunse, and we are us.”

“You’re being naive. Can we survive being labeled as octopus-like, hereditary, and family-controlled without Hyunse?”

“That’s right. We also need to spin off by industry and stop expanding like octopuses.”

“Still, professional management is too much. Handing over the family business to someone else.”

“If the children are competitive, they can do it that way. Anyway, we have to at least imitate them.”

“Shouldn’t we issue a statement in the name of Jeonkyunryun [Federation of Korean Industries]?”

“What kind of statement?”

“If we stay silent, it will look like we’re against it, won’t it?”

“If we issue a statement, we have to do it right. Let’s not put shackles on ourselves and move quietly according to our capabilities.”

The business world held its breath and sought specialization and professional management systems suitable for their companies.

Chairman Jung’s self-reform declaration had a double effect of reforming conglomerates and blocking political offensives related to collusion between politics and business.

* * *

The Presidential Office in Cheongwadae [the Blue House, South Korea’s executive office and official residence of the president].

The President was meeting with Chairman Jung.

“Hahaha, Chairman Jung, you’re amazing. Conglomerate reform—doing what I couldn’t do in one fell swoop.”

“In my past life, I couldn’t leave when you were applauding. This time, I closed my eyes and took the plunge, thinking I was throwing myself off a cliff.”

“Changing habits is much harder than realizing past life desires. Chairman Jung, you’ve done it.”

“You flatter me.”

“Separating ownership and management is good, but managing eight companies will be overwhelming.”

“That’s what I’m worried about. Until now, we’ve been controlling everything like one company in a well-organized manner.”

“It’s like when we were studying the holding company system.”

“Holding company? What’s that?”

“It’s a control tower that legally owns shares of affiliates and oversees overall management. Korea will face a foreign exchange crisis in the future. At that time, it was revealed that domestic companies were vulnerable to global mergers and acquisitions due to the influx of hostile foreign capital. So, despite economic concentration, we hurriedly introduced holding companies. But the Korean and American holding companies are a bit different.”

“…….”

“The United States owns 100% of the shares while keeping them as unlisted subsidiaries, but in Korea, holding companies were formed with conditions such as a certain debt ratio and a certain shareholding ratio of subsidiaries.”

“Hmm, I need to study which holding company structure is more suitable.”

“Yes. Our companies are still frogs in a well compared to powerful global companies. We need to think about the afterlife—the long-term future.”

“I’ll think about the afterlife after successfully spinning off. I’ll hand it over to someone capable rather than my children. I have no attachment to the company.”

“Chairman Jung, politics might be your aptitude rather than business. By the way, what are you going to do now?”

“I don’t know. I’ll be busy for a while selecting professional managers.”

“Hahaha, it’ll be hard for a workaholic to rehabilitate. People need pleasure in life.”

“Sigh, I know, right? I suddenly feel like I’ve aged overnight.”

The President cautiously suggested.

“We’re going to establish the Ministry of Trade, Industry and Energy this time. It will play a role in planning and coordinating energy such as oil and nuclear power, and long-term industrial plans. The Ministry of Trade, Industry and Energy will handle corporate business issues non-stop.”

“Ah, you did a good job. Companies had to run around to get permission from this department and that department to do anything, but it would be great if it could be handled in one place.”

“So, how about Chairman Jung taking on the role of the first Minister of Trade, Industry and Energy?”

Chairman Jung was so surprised that he almost spat out his tea.

“Pardon? Me, a minister?”

“Of course, you might feel demoted if the president becomes a minister. But….”

“I’ve decided never to do politics again.”

“A minister is more of an administrator than a politician. Chairman Jung, you’re not the type to cast a fishing rod and while away the time.”

“…….”

“You’re destined to do national work anyway.”

“How much will the public point fingers at a business owner holding public office, Your Excellency? There will be a swarm of accusations of special treatment.”

“If you put Hyunse’s shares in a blind trust, there’s no problem with holding public office. It’s a good opportunity to spin off and manage autonomously this time. It’s also an opportunity to break the prejudice that a manager shouldn’t do politics.”

“Still….”

“Why would the heavens give you a chance to return [referring to his regression/reincarnation]?”

“…….”

“They wouldn’t have done it to let you grow old and die as a backroom old man, would they?”

“Hmm….”

“I don’t know how the heavens set up the game, but I don’t think it’s to kick me out as a has-been outside the board.”

“I realized that there are many people besides me who care about the country. The thought that it has to be me has faded a lot, Your Excellency.”

“That’s right, but regression can be an opportunity to correct past mistakes. I think that’s the true meaning of regression.”

“…….”

Chairman Jung, who had been busy declining, became serious.

“I’m not asking you to decide right now, so go back and think about it carefully.”

“…….”

* * *

The opening ceremony of the Gyeongbu Expressway was held.

Not only the three chiefs of staff but also the US ambassador to Korea came to celebrate the opening of the 428km expressway connecting Seoul and Busan.

The President sprinkled makgeolli [Korean rice wine] on the road, praying for the safe driving of vehicles.

After the bustling celebration, the President shook hands with Chairman Jung.

“Chairman Jung, you’ve worked hard.”

“Thank you.”

“You must feel empty after completing the great construction.”

“I feel relieved and sad.”

“Have you thought about joining the cabinet?”

“I’ll think about it when the group spin-off is complete.”

The President persistently waited for Chairman Jung to change his mind.

* * *

Hyunse Group.

Hundreds of talented people flocked to Hyunse Group’s president open recruitment.

Chairman Jung interviewed applicants in the civil engineering and construction fields.

There were many with impressive resumes that exceeded several pages.

However, in a company that had to create something from nothing, academic background was rather a poison.

School knowledge is already past experience, and it was picked up without experience.

Practical skills were prioritized over academic background and position.

One applicant’s resume caught his eye.

While others wrote mainly about their strengths and successes, this applicant had more than 90% failures. And he analyzed the core of why he failed.

Chairman Jung asked.

“You have a lot of failures. Are you a bit pessimistic about life?”

“Pessimism and optimism are luxuries. Life is only one, so there is no need to paint it like that. Life learns from its own actions. Success and failure are all paths I have walked. In particular, failure is the mother of success. I think the courage to face what I have failed is the qualification of an entrepreneur, rather than what I have succeeded in.”

Hire!

Business is about climbing high stairs by repeating numerous failures.

Next was the screening of aerospace applicants.

Chairman Jung was surprised to see this applicant’s resume.

The past career was only about five lines, and the entire two pages were future dates.

– 1970. 5. 5.: Completion of small satellite design

– 1971. 10. 1.: Completion of rocket engine experiment

– 1972….

It was like this.

Chairman Jung asked.

“Your resume is unique. It’s like someone from the future.”

“Aerospace is a future industry. What does past experience matter? I think a clear vision and belief determine the success or failure of the aerospace industry.”

Hire!

In this way, 5 people from internal vice presidents and executive directors, 2 people from outside, and Chairman Jung’s fifth son passed the open recruitment and took office.

* * *

Chairman Jung, who used to wake up at 4 a.m. even after drinking too much, woke up at 7 a.m. for the first time in a long time.

When he tried to eat breakfast, his mouth was bitter and his stomach was bloated, so he only took a few spoonfuls.

What to do?

He felt like scrap metal without a place to go to work.

He put on casual clothes and went out the door.

Where to go?

There was nowhere to go. It felt like he had fallen in the middle of the desolate Sahara Desert.

He went out to the intersection.

People on their way to work were moving busily.

A bicycle shop was visible.

He bought a shabby used bicycle and pedaled hard.

Squeak~ Squeak~

The place he arrived at was the Han River where public apartments were being built.

The frame was all up.

The workers had come out since dawn and were already eating their morning snacks.

He was really envious of them sweating and eating bread.

Suddenly, he heard a whistle.

Beep-beep-

When he turned around, it was a construction site security guard wearing a safety helmet.

“Get out of the construction site!”

The security guard, who did not recognize him, rudely chased Chairman Jung away.

Squeak~ Squeak~

The place he arrived at was Pagoda Park (Tapgol Park).

Old people were playing chess.

Chairman Jung peeked over their shoulders to watch the chess game.

“Grandpa, if you move the knight to the right, you can block it.”

Chairman Jung unknowingly got caught up in the chess game and offered advice.

A old man with a pipe blew smoke out of his nose and scolded him.

“You look like you’re at an age where you should be working. Why are you hanging around here? Go be a loafer somewhere else!”

He was kicked out of Pagoda Park as well.

He felt like a lost orphan.

A public telephone was visible.

He exchanged coins and put them in the public telephone.

He called the President.

“Your Excellency, I will join the cabinet.”

– Oh, congratulations! Welcome, Minister Jung!

“Minister….”

* * *

From the beginning, the opposition party and the media put this incident on the chopping block, saying that it was a planned cabinet entry by the head of a large company with a pre-written script.

However, Minister Jung’s public interest business activities were proven at the National Assembly audit, and it ended as a storm in a teacup due to the blind trust of Hyunse’s shares.

The opposition party rebuked Chairman Jung at the National Assembly audit for talking about public interest even though he was neither a ‘public enterprise’ nor a ‘public official’, but they shot themselves in the foot when he actually joined the cabinet as a public official.

* * *

Gwanghwamun [a major intersection and historical landmark in Seoul].

Bang! Bang!

Buses and cars were tangled on the streetcar tracks, and the commute was traffic hell.

Workers and students on their way to work squeezed onto the packed bean sprout bus [a metaphor for a very crowded bus].

“All right~”

The bus started before the bus door was closed.

* * *

Cabinet meeting.

The new Minister Jung reported.

“The traffic congestion inside the four main gates of Seoul is getting worse day by day as the number of vehicles increases rapidly. Streetcars are rather obstructing road traffic. We need to get rid of the streetcars and widen the lanes. We also need to build subways like Japan to increase space utilization.”

The President said.

“Let’s get rid of the streetcars, improve the roads, and create bus-only lanes.”

The Minister of Construction and Transportation wrote it down.

“Minister of Construction and Transportation, let’s start construction of the subway immediately. In the future, the subway should be in charge of public transportation.”

“I understand, Your Excellency.”

“While we’re digging the ground, let’s put all the power lines underground. In the future, we need to put various communication cables and city gas underground, so secure enough space and create an underground map. Undergrounding is very important because it will not be damaged even in wartime.”

“Yes, Your Excellency!”

The President and Minister Jung, who came from the future, pulled and pushed the policies in perfect harmony.