Chapter 022 Full of Means
In terms of shares, SM Entertainment's financial director and executive director Lee Jong-in holds 1.2%.
SM Entertainment's US representative and executive director Han Shimin holds 0.7%.
SM Entertainment Japan representative and non-executive director Minami Soyoung holds 1.9%.
The above three people have relatively stable basic positions, especially the last two, one is in the United States and the other is in Japan, and they did not participate in the power struggle in South Korea.
In addition, there are three other veteran figures who hold shares. Kim Kyung-wook, who served as the first president of SM Entertainment from 1995 to 2000, holds a 2.7% stake.
Heo Daxin: The second president of SM Entertainment, holds 2% of the shares.
Pyo Inbong: The third and current president of SM Entertainment, he holds 3.1% of the shares. These small shareholders hold a total of 10.6% of the shares. It is certainly not a big deal when viewed separately, but when added together, the number is not small.
Of course, not everyone is keen on power and position. Some value interests, some value money, and some are easily satisfied.
But in reality, no matter whether they are old servants or veterans, it is an iron rule that there are no brothers in the business world. It was precisely because of Lee Soo-man's actions during his probation period that the already troubled SM became even more chaotic.
In the SM president's office, Jin Yingmin was wiping the sweat off his forehead with a handkerchief, cursing in his heart: "Fuck you, why did you drag me into this? I'm not on the same side as you!"
There are four people in the office at the moment. In addition to Kim Young-min, the acting director, the two former presidents of SM and the current president, Pyo In-bong, are all in this room.
"This, this doesn't seem right, and it doesn't conform to the rules, right?"
Finally, Kim Young Min couldn't help but speak. Kim Young Min was born on April 13, 1970. He is currently the representative director (CEO) of SM Entertainment Co., Ltd. in South Korea. He graduated from the Department of Sociology of Korea University in South Korea. He joined SM in 1999 and it has been seven years now.
Kim Young Min can be said to be Lee Soo Man's right-hand man. There is no problem with his ability. The current Super Girls can be said to be created by him.
However, in terms of business ability, it can be said that each of them has their own specialties, and it is impossible to say who is better or worse. But when combined with some realistic factors, such as personality, company status, and personal connections, Lee Soo Man is naturally better than Kim Young Min. Of course, the two are not people of the same level. You have to know that Kim Young Min does not have any original shares in the company, only a small amount of dry shares, and can only get a little dividend every year.
But the situation is different for the other three. When the company was first founded, not to mention the investors, most of their shares have been diluted after the listing or repurchased before the listing.
When the company was listed, Lee Soo-man persuaded several partners who held a large proportion of shares to release part of their shares for sale . Of course, he also set an example by giving out nearly 10% of the shares, and also issued a lot of new shares.
In order to protect the interests of these partners, there will be no restrictions on the holders of these original shares after they are listed, such as the priority of selling to certain people under the same conditions. In short, there is no problem even if these original shares are sold to foreigners.
But in the end, many people were cheated by Lee Soo-man. As soon as the company went public, this tyrant uncle relied on the huge capital to collect more than 25% of the shares, while others, due to insufficient funds and the excessive proportion of shares released and new shares, had their shares diluted to less than 3%. Naturally, some people left SM in anger, but in the end, these shares returned to Lee Soo-man's hands, allowing him to firmly sit in the position of major shareholder.
Except for Kim Young-min, the other four people in the field gathered together for a clear purpose, and it has been made clear. They didn't even avoid Kim Young-min, who is considered to be from Lee Soo-man's faction, and deliberately called him up. It is really speechless.
Jin Jingxu looked to be in his forties, with a retro slicked back hair and dressed very formally. After hearing what Jin Yingmin said, he smiled casually and said, "Yingmin, this is not your first day in SM, what's the big deal? Besides, they are just a few unimportant trainees, what's the big deal!"
Jin Yingmin disagreed with this, but did not directly refute: "Okay, let's not talk about those trainees, but what about this one? This one has already joined the Super Girls' debut plan..."
Jin Jingxu suddenly waved his hand, interrupting Jin Yingmin's words, and then laughed: "Let's not beat around the bush. Director Jin knows that this plan will definitely have staff cuts in the end. I am also a senior executive of the company, and I know the plan. It's too boring for you to tell me this!"
Jin Yingmin shook his head and replied helplessly: "But some rules cannot be changed with just a few words. Unless a shareholders' meeting is held, at least the people in the project and the trainees with A-level evaluations will not be allowed to take away!"
What is a trainee? Are trainees unimportant?
Of course not. In Korea, trainees are the foundation of major companies, especially high-quality trainees. They cannot be sold for money, unless you give them hundreds of millions.
Kim Kyung-wook came today to ask for several trainees from the company, and even one person from the Super Girls project. This approach is not something that can be given to just a few people, so Kim Young-min naturally would not agree.
However, Jin Jingxu didn't care. Instead, he smiled and said, "These people have been eliminated, and they are not young anymore. It is not responsible to let them stay in the company . It's no big deal to let them leave. On the contrary, you, Jin Yingmin... are too loyal!"
"What do you mean?" Jin Yingmin frowned and replied unhappily. Not everyone is Lee Soo Man. At least he is not really afraid of the three people in front of him. After all, he now has real power.
At this time, the rough-looking president Pyo In-bong spoke up: "Young-min, it's been so many years, don't you know Lee Soo-man?"
"What?" Jin Yingmin looked at him strangely, not understanding what he meant.
"He often uses this method to get rid of people after they have done their work and to deprive them of their power. I admit that you are indeed very capable and graduated from a prestigious university, but your identity is still too clean. If you follow Lee Soo Man, when he comes back, you will only be relegated to the second line!"
Kim Young Min's expression changed slightly after hearing what Pyo In Bong said, but he didn't answer anything. Instead, he was thinking about something.
At this time, Jin Jingxu continued: "Yingmin, do you know why I resigned from the position of director?"
"Aren't you going to start your own company?" Jin Yingmin concealed his thoughts and asked with a strange look on his face.
"Haha, so you don't know Lee Soo Man yet. My company talked to Lee Soo Man a long time ago. He promised to inject capital into the company and provide manpower. He would also help the group I trained to debut. When the company was founded, he sent a lot of people there, but a week ago, after these people debuted in XING, they gradually applied for resignation. Although not many people have left now, the investment promised by Lee Soo Man has not been made. This is the second time. When the company went public, maybe I shouldn't have stayed. He and I have been working together for more than ten years. Look at me now, and then look at him, you can understand what the final result of working with Lee Soo Man will be!"
Kim Kyung-wook's words, which sounded like a complaint and self-mockery, made Kim Young-min's eyes widen. He never thought that Kim Kyung-wook's company, XING Entertainment, actually had such inside stories. If it was really as he said, then Lee Soo-man was indeed a bit too shady.
Thinking about himself, if he waits for Lee Soo Man to return in a few years, he might end up like these three people in the future, not to mention that he doesn't have any shares at all. At this moment, his heart is also a little uneasy.
