Two ways to reclaim executive power from your own company Discussing interesting points from the Queen of tears series

Delve deeper into the issues of the series Queen of tears The struggle for control of the Queens Group between the real owners, the ‘Hong Family’ and ‘Mo Seul Hee’ and ‘Yoon Eun Sung’, a mother and son duo who plan to overthrow the former power. It is gradually increasing in intensity. In fact How will the Hong family regain control of Queens Group? Techsauce will take everyone to find the answer together.

Loss of management rights is possible.

In Episode 8, the Hong family lost the right to manage Queens Group due to the strategy of Chairman Hong’s current wife, Mo Seul Hee. Company founder This was because Chairman Hong had granted him the power of being the legal guardian in the case of being in a coma. This gives him the authority to make decisions on behalf of Chairman Hong legally.

In the past, Mo Seul Hee and her son ‘Yoon Eun Sung’ secretly bought stocks and converted bonds. until becoming the number two shareholder of the company and used the majority vote to remove Chairman Hong and his family from executive positions. with a ratio of over 68.1% and appointed himself as chairman instead

And in real life Is it possible to unite to remove the president? I must say that it is really possible. in the shareholders’ meeting agenda Resolutions are decided by a majority vote of the shareholders who attend the meeting and vote in the regular agenda and ¾ of the votes of the shareholders who attend the meeting and have the right to vote in the special agenda. Therefore, resolutions at the meeting can decide various agendas, including the agenda for the dismissal of the company’s chief executive as well.

Many people may think that losing management rights in their own company sounds incredible. But in reality, there are similar events. It actually happened.

For example: Gucci family Italian luxury fashion brand Founded in 1921 by Italian designer Guccio Gucci, who was forced to sell over 50% of his shares after the failed management of his heirs, Gucci is now owned by Kering, and the Gucci family has no connection to the luxury brand. This again

And will it be able to be managed again like this?

Even though the Hong family lost their management rights, Queens Group gone, but there is still an opportunity to return to manage the company as before through two possible methods:

1. Appointed by the Executive Committee.

The board of directors has the power to appoint executives upon approval by a vote. Which actual examples include: Steve Jobs who returned to lead Apple again after the acquisition of NeXT and was appointed to the position of CEO by the board of directors, including Sam Altman who was fired from his own company and invited back to become CEO again within less than a week

In episode 10 of the series, this approach was also discussed, with ‘Yoon Eun Sung’ planning to reappoint ‘Hong Hae In’ from the Hong family as president of Queens Department Store, a company. Under the Queens Group as before

2. Can collect more than half of the shares.

Shareholders can set agendas for shareholder meetings if they have voting rights of at least 5% of the total, which if they can include more than half of the total shares. As a majority, it is safe to vote on the agenda to appoint the chairman.

After the chairman’s death and the right to legal governance expired in episode 13, the Hong family now holds 34.7 of Queens Group’s shares and Yoon Eun Sung owns 38.1. Therefore, there is a way for the Hong family to take back their management rights. can The shares must be gathered to have more than half of the votes.

And with the share percentage not too far apart, ‘Yoon Eun Sung’ chose to use money from a secret fund to buy shares of Queens Group, a fund that was obtained illegally. This made him more likely to be charged with embezzlement. Misconduct and violation of foreign money transactions laws

This should be a way for Queens Group to gather more than half of the shareholders’ votes and be able to remove Yoon Eun Sung from the position of chairman. and called a meeting of the executive board to appoint the Hong family to return to management positions again.

Queen of Tears offers a fascinating look at the stories behind running a family business. driven by benefits outwit and various scams It shows the fragility of power that can easily be lost. or even an opportunity to come back and seize power This further emphasizes the importance of having a reliable and verifiable business partner. It is not believed because they are acquaintances or have personal connections. Including having to know the business game and work with legal experts in a straightforward manner.

So how do you think the Hong family will be able to reclaim their management rights?

Reference: businessinsider, gotoknow, sec, time, setlink