The Conglomerate Family Became A Villain [EN]: Chapter 262

262. To a New World (2)

August 24th, Victoria Corporation Headquarters.

Jung Hyun-woo convened an executive meeting for the mid-year review. Despite some executives being absent due to business trips or prior engagements, the conference room was full.

This was because Sarah had created a large number of new executive positions to distribute the workload that had been concentrated on Jung Hyun-woo.

“Currently, our Victoria Corporation’s stock price has been stagnant for two consecutive quarters.”

Victoria Corporation’s stock price had remained largely unchanged until August after regaining the top spot in market capitalization on the New York Stock Exchange earlier this year.

In the interim, Victoria Corporation had released six new games, launched West Services for Western financial institutions, and announced JP Services, American Services, and City Services operating on Microsoft’s Windows operating system.

“Performance is trending upward.”

The person who responded to Jung Hyun-woo was Anne. As the CFO [Chief Financial Officer] of Victoria Corporation, her strength was solid financial management.

The next person to speak up was Robert.

“Isn’t it because we’re not meeting the guidance the market wants?”

Jung Hyun-woo sighed briefly at his question.

“Well… if we weren’t meeting the market’s guidance, the stock price would have fallen.”

Victoria Corporation was showing a similar trajectory to what the market had expected.

Robert leaned back in his chair and said.

“Then, can we put it this way? We’re not exceeding the market’s expectations.”

“Are you saying that the stock price is stagnant because we’re only doing as much as the market expects?”

“That’s what I think.”

Jung Hyun-woo didn’t get angry or argue. Instead, he turned his gaze to Sarah.

“What do you think, Sarah?”

Sarah placed her hands lightly on the table and replied.

“I don’t think there’s a problem with the stock price. The important thing is whether we’re moving forward as planned.”

If they were growing as planned, there was no need to worry about the stock price on the stock exchange.

This was a response close to a truism [a statement that is obviously true and adds nothing new or interesting].

“So, Sarah, are you saying that there’s no need to change the company’s direction?”

“Of course. If we were making mistakes, countless journalists would have already pounced on us, right?”

Victoria Corporation was not a traditional powerhouse like IBM.

There were countless entities ready to tear them apart if they showed weakness.

‘The fact that there have been two short selling attacks proves that.’

Jung Hyun-woo nodded in agreement with Sarah and turned his gaze to Adam.

“Service Development Division, what are your plans for the second half of the year?”

Adam was one of the new members who had been promoted to executive this time.

He was leading the Service Development Division for the development of financial services, including JP Services.

“In the second half of the year, we plan to release versions with minor bug fixes.”

It was an answer that there were no plans for significant version upgrades or new service releases.

“Is it because you launched so many services earlier this year?”

Adam nodded and replied.

“We focused on improving the quality of the newly launched services throughout the summer. No matter how quickly we prepare, it will be difficult to release a new version before next year’s CES [Consumer Electronics Show].”

Jung Hyun-woo asked again.

“Then, when do you expect the new version to be released?”

Adam thought for a moment and then replied.

“It will probably be at least March.”

Jung Hyun-woo responded briefly to his words.

“Let’s make it February.”

Adam’s face darkened for a moment.

“If we launch in February, there won’t be enough time to test.”

“Is it difficult to improve after the service launches?”

“We need to catch the minimum number of bugs and errors. Otherwise, customers will be very dissatisfied.”

Jung Hyun-woo knew of companies that had experienced major failures by rushing the release date.

‘A prime example is Atari’s ET.’

If only the ET game had been successful, the Atari shock [the video game crash of 1983] could have been delayed a little longer.

“I understand. Then let’s go with April.”

Jung Hyun-woo showed a generous side by pushing it back another month.

Adam immediately expressed his gratitude when the launch schedule was extended by a month.

“Thank you, CEO.”

“You can call me Charlie.”

He wanted to be able to use the title freely since he had known Adam since his days in the development team.

“Charlie, I understand.”

Jung Hyun-woo thought that IT companies should not be approached from a conservative perspective like traditional manufacturing.

“Next is Joel.”

Joel was in charge of operating American Services and Western Services.

“We are working with Adam to provide seamless service to our customers.”

“Are you gathering opinions from Bank of America and Western banks?”

“We have meetings every month.”

Jung Hyun-woo put his hands together and said.

“Monthly meetings can delay the collection of opinions. Let’s make it every two weeks.”

“If we have executive meetings every two weeks…”

Jung Hyun-woo cut him off when Joel spoke as if he was in trouble.

“The banks might be in trouble. So, it would be good to hold one of the monthly meetings as a working-level meeting.”

Joel nodded at his advice.

“I understand. Then I will add a working-level meeting.”

Executive meetings were already held once a month, so adding a working-level meeting would allow them to hold meetings every two weeks.

“Hendricks, how is G-Shop doing?”

Hendricks had been promoted from head of the distribution department to CEO of G-Shop.

“We are expanding stores nationwide and strengthening the sale of used packs.”

“How are computer sales doing?”

“We are selling PCs in conjunction with console game consoles in connection with IBM. However, sales are not yet significant.”

Jung Hyun-woo nodded and raised his right hand slightly.

“What is the schedule for the second half of the year?”

Hendricks replied in a bright voice.

“We can expect sales to increase in the second half of the year because of Black Friday and the Christmas holiday season.”

“The outlook is bright. Is that what you’re saying?”

“That’s right.”

Jung Hyun-woo checked the executives who had been promoted this time in order, following Hendricks.

Sarah knew that the reason he held this meeting was to observe the new executives.

‘Charlie is still not at ease.’

He seemed to think that a major accident could happen in a place he couldn’t supervise or in a place he didn’t pay attention to.

Sarah knew that Jung Hyun-woo’s worries were not unfounded, but she thought it would be troublesome if it went too far.

‘Charlie can never get out of work unless he trusts the executives.’

She wanted him to live a happy life.

“Next is Clay.”

Clay Walker was developing Victoria Corporation’s next-generation service model, the module system.

“The completion level of the module system is 43%.”

Jung Hyun-woo sighed slightly.

“Well… Progress is slower than expected.”

Clay Walker nodded and responded to his words.

“We are developing while revising our goals as network hardware improves every year.”

Jung Hyun-woo remembered the innovative network systems and hardware that appeared in the 21st century, but his memory of the network systems and hardware from around 1990 was hazy.

‘I haven’t actually used those modems or computers from that time.’

He could predict 10 years from now, but it was difficult to predict the model that would appear in two years.

“We need to strengthen cooperation with hardware companies.”

Clay Walker nodded at Jung Hyun-woo’s words.

“We will strengthen communication as you said, CEO.”

Victoria Corporation was now a leading conglomerate in the United States.

Cooperation with modem or network equipment manufacturers was not difficult.

“Olivia, how is Activision doing?”

Olivia was Sarah’s former secretary and is currently working as a consultant at Activision.

“Activision was scheduled to release three games in the second half of this year. And one of them was released this summer and is receiving a good response.”

“Is it a computer game?”

“Yes. Activision wants to focus on PC games rather than console or arcade games.”

Jung Hyun-woo passed on the report on Activision with a light gesture.

‘There are still six affiliates left to report on.’

He turned his gaze to Mac Coyle.

“Mac, how is the Service Business Headquarters doing?”

The Service Business Headquarters was in charge of the installation and after-sales service of all financial services that Victoria Corporation was providing.

“Everything is working normally this year. Consumer complaints are also decreasing, and service deadlines are also being met. However, what is concerning is…”

Jung Hyun-woo narrowed his brows slightly as he trailed off.

“What are you worried about?”

“It’s the continuously rising wages.”

The Service Headquarters had the most employees in Victoria Corporation, so they were bound to be sensitive to wages.

“The company’s profits are increasing, so please give them the best treatment compared to the same industry.”

It meant that he would allow some wage increases.

“What if it’s not the same industry?”

Jung Hyun-woo lightly tapped the table and replied.

“The automotive industry is fine. But it would be difficult if they asked for the same wages as the financial industry.”

Wall Street financiers were the highest-paid workers in the United States.

Even employees of large corporations did not demand the same wages as financiers.

Mac Coyle, who usually didn’t smile, smiled and said.

“Service technicians won’t ask for that much.”

Service technicians knew their position in Victoria Corporation well.

What they wanted was a sign of the company’s sincerity, not to receive high salaries like Wall Street.

Jung Hyun-woo continued to report and answer questions for more than an hour.

By the time all the executives’ reports were over, lunchtime had long passed.

“Let’s have lunch around this time.”

Jung Hyun-woo nodded at Robert’s words.

“Then let’s end today’s meeting here.”

Victoria Corporation executives got up from their seats and left the conference room.

Robert remained in the conference room with Sarah.

Jung Hyun-woo raised both hands when he saw that they were not getting up.

“It seems like you two have something to say to me.”

Robert said in a soft voice.

“Charlie, I hope you don’t doubt the executives.”

It was a suggestion that he should delegate the work to the executives and not get too involved.

“I want to pay more attention for about half a year.”

This time, Sarah raised her voice.

“Can you really end it in half a year?”

Jung Hyun-woo frowned and replied.

“I have to make sure it ends in half a year.”

“Charlie, the standards shouldn’t be too high.”

Sarah had no intention of reducing the number of executives from the current number, but rather increasing it.

“My standards are not that high.”

“It seemed quite high from what you were saying today?”

“I was just giving advice.”

“Are you going to fire the executives if the results are bad?”

Jung Hyun-woo spread out his hands and replied.

“If there is a need to fire an executive, I will discuss it with you two.”

Robert raised his right hand at that answer.

“Charlie, you must do that.”

Sarah still didn’t brighten her face.

“When we’re not here?”

Jung Hyun-woo answered her question.

“Cases of executive dismissal are rare, so let’s suspend them first.”

It meant that he would not fire an executive without consulting the two of them.

“However, I won’t hesitate if it’s related to a crime.”

It meant that if a Victoria Corporation executive committed a crime, he could be fired without consulting the two of them.

“I can’t help it in that case.”

Robert wanted to leave the task of firing an executive who had committed a crime to Jung Hyun-woo.

Unlike Robert, Sarah didn’t just let it go.

“Charlie, what if the crime is a minor crime?”

Jung Hyun-woo shrugged and replied.

“I won’t fire an executive for speeding. But if it’s drunk driving, it’s a different story.”

It meant that if they committed a crime of the same level as drunk driving, he would fire them without consulting the two of them.

Sarah thought that would be okay.

“Okay. I’ll admit that.”

Jung Hyun-woo looked at the two of them alternately and asked.

“Is the story over?”

Sarah put her hands together and replied.

“No.”

“Isn’t it over yet?”

“The Victoria Fund story is left.”

Jung Hyun-woo looked at the empty chairs and said.

“Come to think of it, John didn’t attend today.”

John Peer had also attended the last regular meeting.

“If it’s about the Victoria Fund, are you saying we should reduce investment?”

Sarah shook her head and replied.

“That’s not what I’m saying.”

“Then what?”

“All of our company’s profits are going into the Victoria Fund, so our company’s stock has very low dividends.”

Sarah was pointing out the dividend problem of Victoria Corporation.

“There aren’t many IT companies that pay a lot of dividends, are there?”

“The reason why IT companies don’t pay a lot of dividends is because they spend more money on technology development. But that’s not the case for us.”

The funds flowing into the Victoria Fund were unrelated to technology development.

“Um, are you saying we should reduce fund investment?”

Sarah said with her hands together.

“Instead of reducing fund investment, how about receiving external funds?”

Currently, the Victoria Fund was only managing money from Jung Hyun-woo, Sarah, and Victoria Corporation.

“Are you saying we should start a fund business in earnest?”

“John would do well.”

Sarah seemed to trust John Peer.

‘John is from JP Morgan, so he’ll do a good job with the fund business. But if we start a real fund business, things will get bigger.’

As he pondered, Robert got up from his seat and said.

“It seems like the story is getting longer, so I’ll get up first.”

Robert had not invested assets in the Victoria Fund.

“Robert, weren’t we going to have lunch together?”

Robert shrugged at Jung Hyun-woo’s question.

“I have no intention of ruining your date.”

Sarah and Jung Hyun-woo.

It was a suggestion that he would have lunch separately from the two of them.

“A date with my sister.”

Sarah blushed slightly as Jung Hyun-woo stared blankly.

“Our meeting is not over yet.”

“I know.”

It was when Robert was about to open the door and leave.

Squeak.

As the door opened, Jung Hyun-woo’s secretary, Luna, entered.

“Charlie, you have a phone call.”

Jung Hyun-woo raised his eyebrows slightly.

‘If Luna came in to tell me at this time…’

It was probably an important call.

“Is it a call from Korea?”

Luna shook her head and replied.

“It’s a call from the Fed [Federal Reserve System].”

“The Fed?”

The Federal Reserve Board.

Jung Hyun-woo had met Justin Balmer, a member of the Federal Reserve Board.

‘Is it Justin Balmer?’

It was when he narrowed his brows slightly.

Luna answered in a high tone as she remembered the name of the person who called.

“He said it’s Alan Greenspan!”

Alan Greenspan.

Jung Hyun-woo knew the name.

‘The chairman of the Federal Reserve Board called himself?’

Alan Greenspan was in charge of policies that managed the US economy for more than a decade, and his outstanding response during the IT bubble in the 2000s was praised by Wall Street and economic experts alike.

Jung Hyun-woo got up from his seat and said to Sarah.

“Sarah, can you wait a little longer?”

Sarah nodded and replied.

“Of course.”

She didn’t seem to have any intention of just letting this problem go.

‘Opening the Victoria Fund. Hoo… Is it really a good choice?’

Jung Hyun-woo took a deep breath inside and moved to answer Alan Greenspan’s call.