Choi Dokyung knew what a Chairman’s role entailed
Over the weekend, the big news that hit Hong Kong and the world was the announcement that billionaire Li Kashing would step down from the chairmanship of his vast business empire. His is a rags-to-riches story starting from scratch, selling plastic flowers to what he has today, a global conglomerate with core businesses in telecoms, container ports and real estate. At ninety, after spending seven decades in building and growing his business empire, he would step down. His elder son Victor will take over the helm, and he will become the conglomerate’s senior advisor and focus his time on his charity foundation.
My immediate thought when I read the news was of Grandfather Roh, Choi Dokyung’s maternal grandfather in KBS drama “My Golden Life”. Does not the rags-to-riches life story sound almost similar? However, the two powerful men chose to do differently at their prime. One opted to step down at the right time when his business is riding high while the other was unwilling to step down even when he had been ousted!
Billionaire Li Kashing to step down. Photo by SCMP/Sam Tsang
Li Kashing had in place a succession plan that paved the way for a smooth transition. Shareholders would be assured of the continuity in the business growth as the successor had been groomed with the experience to bring the company forward. In contrast, authoritative Grandfather Roh was more concerned about how to retain his power, possibly till he is dead and gone! No doubt his grandson Choi Dokyung has been groomed from young as heir but this was no certainty. Grandfather Roh indulged in power play, playing one family against the other and forever changing his mind and their positions. He treated everything like a chess game, everyone being being a pawn while he looked to checkmate to his advantage, his interests and not that of the shareholders. It was no wonder they voted him down!
New management style to give an old company new lease of life
And in a way, I am glad that he did have to step down because seriously Haesung Group needed an injection of fresh management that would give the company a boost in energy. Choi Dokyung would have been just right for the role of Chairman as he knew exactly what a Chairman must do. Be strategic, make the most important directional decisions, find the most talented professional managers and put them into the positions and leave them to run the business!
Oppa Choi was quick and effective and he knew when to step down. Two months into the job, he bulldozed his way through to sweep up the remnants left by his Grandfather and leave his uncle who has the passion for the company to run the business! Smart management!
KBS Drama Youtube Video – Episode 49/52 “My Golden Life” Knowing when to step down
https://youtu.be/6T0ngWHW8Dk
https://youtu.be/2I6Z9ksIn0Y
https://youtu.be/s6rBR-D73DY
“我黄金光辉的人生”：知道什么时候该下台
在周末，香港和全球的大新闻是亿万富豪李嘉诚宣布将辞职他在他庞大的商业帝国的主席位。他是从零开始的故事，从塑料花销售创业到他今天拥有的全球性企业集团，核心业务包括电信，集装箱港口和房地产。年龄90的他用了70年的时间建立和发展他的商业帝国。周末时，他终于决定下台，让大儿子李澤鉅接手掌舵。 李嘉诚将成为该企业集团的高级顾问，并将时间专注于他的慈善基金会。
当我阅读这篇新闻时，想到的是在KBS电视剧“我黄金光辉的人生”中，崔道京的卢外祖父。破旧富贵的生活故事听起来差不多。然而，这两位商业强人在巅峰时期选择了不同的道路。一位在他的生意表现好，企业庞大时，选择在适当的时侯下台。另一位甚至在他被赶下台后，还不愿意下台！
Trying to impose his will on his grandson
李嘉诚制定了继任计划，为平稳过渡铺平了道路，培养了有经验的继承人去带领公司向前进，让股东有业务增长的连续性的保证。相比之下，重视权威的卢祖父更关心如何保留自己的权力，可能直到他死去！是的，他从小培养孙子崔道京为继承人选，但这并非是确定的一件事。卢祖父一直玩着权力游戏，用一家对付另一家，永远改变主意和立场。他把所有的事情都当成一场棋，每个人都是棋子，只有自己会胜利。利益是他的，而不是股东的。难怪股东们投他下台！
A strong leader in the making
在某种程度上，我很高兴他下台，因为海星集团需要注入新的管理方式，给公司带来新的能量。崔道京非常的适合担任会长，因为他确切知道会长必须做什么。做好战略决策，做出最重要的方向性决策，找最有才华的职业经理人，将他们纳入职位，让他们用他们的经验去开展业务！
偶吧Oppa崔非常能干，做事快速有效，也知道何时应该下台。当会长两个月后，收拾了祖父留下的残局，他让位给姨父，因为姨父热衷于公司经营业务！智能的管理！
Photo Credits – Many thanks! KBS drama, South China Morning Post
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12 Comments
Sad season 2 push push pls
For all his idiosyncratic notoriety, Grandfather Roh is finally crippled in his scheme on how to get back HS under his control. By his beloved eldest grandson Dokyung. He thought as Chairman of HS, he was the Grandmaster of even the destiny of every individual under his sphere of influence. By his autocratic old style rule he almost shipwrecked the very business group he founded; so good fortune still abound when HS was steered to safe harbour once more into good capable hands. Not into Dokyung’s own good hands but through his—- for Dokyung has the leadership vision and business prowess to know who and what to throw out and who’s best to be the captain of the HS ship! Grandfather when you retire in Hawaii be grateful, very grateful as you reflect into your life, for though you have no son, Dokyung more than made up for that void!
Such people who have worked with passion all their lives to realize their dream can never really resign. As evidence that he remains active, becoming the conglomerate’s senior advisor and focus his time on his charity foundation. This respected businessman Li Kashing has run his company for 70 years and even at the age of 90 he still has a say in the business world. This age does not seem to me right to resign, as the retirement age is under 70 years ☺. Grandpa Roh has gone the same way in life and has the same profile of the millionaire who worked with passion and obstinacy to achieve his dream. He is still “young” (compared to the senior Li Kashing) and it is understandable from this perspective why he does not want to resign. The frictions in the family rather than old management (I not seem to me the HS Group would go wrong) led to the landing of President Roh. Choi Do Kyung, if that were not the tense circumstances that precipitated the events, though it turned out to be a very good leader, it would only have become a long time later the President of the Company. Maybe when his grandfather would have fulfilled 90 years ☺. I have a question: CDK became President, then transferred to his uncle the power and left the Company on hands of foreign managers (though experienced). Is this a modern image to lead a prosperous company?
In my limited understanding many businesses have taken this path separating ownership from management as ideal and progressive.
Dorothy Ooi Thanks for clarification. If your understanding is limited, mine is realy more limited.
In my workplace we are taught the importance of caveats and never claim we are clever miss know all…😆 For in our finiteness we actually know so little…
CDK would not have given up his leadership role in Haesung Group if not because of Jian. He would have made a forward looking leader who runs a conglomerate with the help of professional managers compared to his grandpa. But of course, we all know that writer So wants the story told his way.
In my country there is a difference between the family run businesses, which are most of the time smaller, and big business which could be run through families but not solely. There is also a difference in how management is arranged. The changes CDK made in HS before he left, is similar to how businesses are run here. No favors because you are family. Everyone has to apply first and needs to be qualified for the job. As Daniela mentioned, on our side of the world most leaders will retire around their 70’s, because this is arranged by law and collective agreements. Asia has his own way of doing business. We brainstorm before we take a decision. I have understood that in Asia a proposal will only be brought to the board for final decision when beforehand is known most of board members will agree. Similar to how Noh Jin Hee and her husband managed to ousted Noh Yang Ho from the HS board and later Noh Myung Hee and Choi Jae Sung. If not for Seo Tae Soo everything would have gone the way Noh Jin Hee and her husband expected it to be with the final shareholders meeting
In Asia, it really depends, we have lots of SMEs but also old families that have build business empires similar to the Haesung Group. Some of the riches families in the world come from Asia. The matriarch is usually the founder and he will stay on till he decides to retire. While most of these companies have become public companies listed on stock exchanges, they are still very much run by family members. Many have progressed to engage professional managers to run the business. CDK’s thinking is not new but there are still a number of companies that are conservative and have not embraced new management style as yet. And lobbying to get support on board or shareholders’ resolutions are very common. Horse trading happens all the time and decisions are usually made before the meetings as the discussions take place off board and board passing the motions are just a formality.
Yea, what she said is true! 😅
CDK’s indeed a winning smart management style! Firm and precise cutting edge decisions to transform the HS Group in time to take on new challenges in the corporate space, and eyes of wisdom to choose the best man to be at the helm. Able to forgive, offering second chance. He is no way just a boss, or a take things for granted 3rd generation chaebol, but a true inspiring leader. Even his notoriously authoritarian Grandfather Roh can do nothing to interfere once his brilliant grandson has set his mind on the exact path HS is to take. Except to tamely retire in Hawaii and be content for the rest of his days on earth that while he has no son, his awesome grandson has more than filled the void.