A board meeting was convened.
Inside the conference room, a large TV was placed.
Everyone was watching the breaking news being broadcasted on the screen.
[The creditors have officially announced that Taewoo Group has acquired 51% of Kia Motors' shares and has taken over its management rights. With this, it is widely expected that the landscape of the domestic automobile market will be reshaped.]
"Wow!"
Without exception, everyone let out a cheer.
Even though all the executives in attendance were at least in their 60s, they clapped and cheered like excited children.
"Chairman, congratulations!"
The chairman maintained a composed expression, upholding his dignity.
However, he couldn't entirely suppress his joy and excitement, as his lips kept curling upwards.
"Ahem, let the Chief Secretary give a brief report."
"Kia Motors has now officially become part of Taewoo Group. We have acquired 51% of its shares and plan to purchase an additional 10%."
At that moment, Kia Motors' stock was at its lowest price.
So, as long as there were no liquidity issues, it was advantageous to secure more shares.
"Furthermore, with the acquisition of Kia Motors, the corporate rankings have shifted. We have now surpassed Samjin Group and risen to the second position in the industry."
"Wow!"
Once again, the board members burst into applause.
But the chairman clicked his tongue.
"What is there to celebrate? We're merely second place. We haven't surpassed Hyunjae Group yet, so it's too early to be pleased!"
"We apologize! We will work harder to make sure we reach the top!"
The executives, usually intimidated by the chairman's words,
But today, they spoke in firm voices.
"Chief Secretary, has our debt ratio increased due to the Kia Motors acquisition?"
"There is no need for concern regarding the debt ratio. We acquired Kia Motors using surplus funds, and we still have over 10 trillion won remaining."
Even after acquiring Kia Motors, a substantial amount of cash remained.
This was possible thanks to investment funds from Aramco, Taewoo Motors' expansion into China and the U.S., and significant royalties from Apple.
"Don't get too carried away. While we may have acquired Kia Motors, Hyunjae Motors still holds the number one market share."
Last year, the domestic automobile market share was as follows:
Hyunjae Motors: 47%
Kia Motors: 25%
Taewoo Motors: 24%
Even though Taewoo Motors and Kia Motors had merged, which should have given them a 49% market share,
Kia Motors' share had significantly declined due to its restructuring process, allowing Hyunjae Motors to maintain its top position.
However, the gap was now in the single digits.
The rankings could change at any moment.
"If Kia Motors is successfully stabilized, we will be able to surpass Hyunjae Motors. Now that Kia Motors' militant labor union has been completely restructured, there will be no more strikes."
Bae Seong-gyun, the president of Taewoo Motors, spoke firmly.
Although he also held the position of vice chairman within the group, he was a man filled with pride for Taewoo Motors.
However, the company had always been stuck in second or third place in the industry.
Now, for the first time, there was a real hope of reaching the top, and tears welled up in his eyes.
At that moment, just as everyone was filled with hope,
The planning director, who had been waiting outside the conference room, rushed in urgently.
He approached me quietly and delivered breaking news. Without a word, I walked forward and turned the TV back on.
[Breaking news: Hyunjae Motors has officially announced the acquisition of SS Motors.]
History had changed.
In my past life, Taewoo Group had acquired SS Motors, while Hyunjae Motors had taken over Kia Motors.
But in this life, the roles were reversed.
"It seems Hyunjae Motors is acquiring SS Motors to maintain its number one market share."
"What is SS Motors' domestic market share?"
"4%. If we calculate it simply, Hyunjae Motors and SS Motors combined will now hold a 51% market share."
The atmosphere in the conference room turned ice-cold.
Those who had been cheering and clapping just moments ago were now frozen in place.
"It's a battle between 51% and 49%. The Korean automobile market is now locked into a two-horse race. But with only a 2% difference, a comeback is entirely possible. Just last year, the gap between Hyunjae Motors and us was nearly double. If it's just 2%, isn't this a fight worth taking on?"
"Director Kim is right. Surely, we can overturn a mere 2% gap!"
The only real variable left was Samjin Motors.
However, since it had failed to acquire either Kia Motors or SS Motors, it had no way of avoiding the government's big-deal policy.
Based on what I knew of history, there was a high chance it would be sold to a foreign automaker.
That meant the battle would be solely between Taewoo Motors and Hyunjae Motors.
Whichever company gained the upper hand in the market share war during the second half of the year would take the dominant position.
"Due to the IMF crisis, consumers' financial situations are extremely tight. This means we need to push small car sales more aggressively. From what I understand, compact car sales have been increasing since the latter half of last year."
"Yes, sales of mid-to-large vehicles have declined while compact car sales have been rising."
Bae Seong-gyun, the president of Taewoo Motors, stepped forward in agreement.
The compact car market favored Taewoo. Hyunjae Motors' lineup was primarily focused on mid-to-large vehicles, so its market share was bound to decline.
Moreover, SS Motors specialized in SUVs, making it difficult for Hyunjae to create any synergy from the acquisition.
"We need to reduce our mid-to-large car production and increase small car manufacturing. Additionally, we must manage Kia Motors as an independent entity to retain its loyal customer base."
"Are you suggesting that we shouldn't integrate it into Taewoo Motors?"
"I have great respect for your exceptional leadership, President Bae. However, if we fully absorb Kia Motors into Taewoo Motors, we stand to lose too much. By emphasizing that Taewoo and Kia are entirely separate brands, we can further increase our domestic market share."
Competition drives innovation and progress.
Externally, Taewoo could compete with Hyunjae Motors, while internally, Taewoo and Kia Motors could push each other to improve. This would ultimately enhance their overall competitiveness.
"Two car companies competing within the same group… an interesting idea. President Bae, what do you think?"
"I've always found it a bit frustrating. Last year, Taewoo Motors failed to surpass Kia Motors by just 1%, leaving us in third place. I want to resolve that frustration, even if it means fostering internal competition."
"That's an excellent idea. Then, who should take charge of Kia Motors?"
Grandfather subtly glanced at me as he spoke.
It was clear that he wanted me to take over Kia Motors and revive it.
However, I wasn't in a position to dedicate myself entirely to Kia Motors.
I needed to spin off the IT division and secure a foothold in the internet market.
Kia Motors was important, but it couldn't compare to the value of an IT company.
"Kia Motors has already gone bankrupt once. To establish a more innovative image, we should bring in an experienced foreign executive rather than appointing someone from within the company."
"Do you have anyone in mind?"
"I recommend Carlos Ghosn, an executive at Renault."
Right now, he was an executive at Renault.
But next year, he would become the president of Nissan and gain fame as the turnaround mastermind who saved the company.
Carlos Ghosn had another nickname:
The Devil from France.
He wielded the scalpel of restructuring with cold precision, carrying out corporate reforms as if he had no emotions.
Because of that, Nissan underwent a dramatic transformation in just two years and made a complete recovery.
Letting a man like that go to Japan would be a waste.
Besides, his later years were filled with hardship.
Despite saving Nissan, Japan treated him like a criminal and put him under house arrest.
In the end, he escaped Japan but was unable to return to France, spending his final years in Lebanon.
"I'm not familiar with the name. Do you have a personal connection with him?"
"I have no personal ties to him. However, on Wall Street, his name is quite well known. Especially as a corporate restructuring expert, he is the perfect candidate to revive Kia Motors."
"Then, you go to France and recruit him yourself. If you fail, you will take charge of Kia Motors."
Why was the situation suddenly shifting in this direction?
Grandfather clearly wanted me to lead Kia Motors.
But that wasn't an option. No matter what it took, I would bring Carlos to Korea.
"This concludes today's meeting."
Before I could respond, the chief secretary ended the meeting.
I hurried out of the room and immediately called David.
"David! You've built a lot of connections in France, right?"
[Boss, when you assigned me to the Thomson Multimedia deal, I made quite a few.]
We had once purchased MP3 licensing rights from Thomson Multimedia, a French state-owned company.
David had charmed Thomson's executives and secured the rights, which also helped him establish valuable contacts in France.
"I need to pull someone from Renault. Can you make it happen?"
[Like in other countries, Europe's upper class operates within a tightly connected community. If you have one link, you can reach everyone.]
"Then, get in touch with a man named Carlos Ghosn at Renault. I want to appoint him as the new CEO of Kia Motors. This is an extremely important deal. I'll be flying to France myself, so start laying the groundwork."
David seemed surprised by the urgency in my voice.
[Boss, you're coming to France in person? Then I'll head over today and start working on it over a glass of wine.]
"Try to set up initial discussions before I arrive. If you can secure him in advance, even better."
[I'll make sure everything is ready so that all you have to do is seal the deal.]
Hearing David's confidence reassured me.
With his exceptional charm and negotiation skills, he should be more than capable of persuading Carlos Ghosn.
***
Two days later, I boarded a flight to France.
After a grueling 13-hour journey, I finally arrived in France. As I stepped into the arrivals area, I saw David waving a sign with my name written in Korean.
"Boss! Over here!"
"You look like you're in a great mood. I take it the wine suited your taste?"
"What good is fine wine if you drink too much? After ten glasses, you can't tell whether you're drinking wine or vodka."
David joked, his usual playful tone intact.
Judging by his cheerful demeanor, things seemed to be going well.
"You must have met Carlos."
"It wasn't easy, but I managed. Thanks to some help from the Thomson executives, I was able to set up a drinking session with him."
"And? Did you manage to slip in a recruitment offer?"
"I did bring it up, but he didn't seem too interested in moving to Korea. He kept saying that joining us would mean betraying Renault."
I quickly grasped the situation.
Renault had its sights set on acquiring Samjin Motors.
If Carlos moved to Kia Motors, he would end up competing against Samjin, which would soon be under Renault's ownership—hence his talk of betrayal.
"I'll have to speak with him in person. Can you set up a meeting?"
"I already arranged a drinking session for tonight. I wanted to schedule it for tomorrow, but this was the only time he was available. And, just to be clear, I didn't pick today because I enjoy seeing you suffer from jet lag."
Did David have a grudge against me or something?
He didn't even give me a chance to adjust to the time difference before setting up a drinking session.
Well, there was no point in delaying things. I might as well strike while the iron was hot.
"I booked a nice hotel for you. You have about four hours before the meeting, so get some rest."
Following David's lead, I headed to the hotel.
After a brief nap and a refreshing shower, I was fully awake and ready for the meeting.
By the time we arrived at the venue, Carlos was already there, waiting for us.
The moment I saw his face, I immediately understood why people called him the Devil from France.