{"product_id":"164568","title":"The employees bought the company ","description":"\u003ccenter\u003e\u003cdiv style=\"text-align:center\"\u003e\u003cimg src=\"https:\/\/tmgdisk01.cafe24.com\/images\/vs\/4172\/sv\/3jYFtwg0Dzvm0B3Hmkvkles5Inxzzf.png?v=1764974311\" style=\"max-width:100%;max-height:10px\"\u003e\u003c\/div\u003e\u003c\/center\u003e\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\u003ccenter\u003e\n\n\u003cdiv style=\"width:95%\"\u003e\n\n\u003cdiv style=\"text-align:center;font-size:30px;font-weight:bolder;line-height:1.6em\"\u003e The employees bought the company \u003c\/div\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003cdiv style=\"border-bottom:1px;border-bottom-style:dotted;border-color:;padding-bottom:20px\"\u003e\u003ccenter\u003e\u003ctable align=\"center\" width=\"100%\"\u003e\u003ctbody style=\"border:0px\"\u003e\n\n\u003ctr\u003e\u003ctd align=\"center\" style=\"line-height:1.2em;text-align:center;font-size:18px;color:black;font-weight:bold;padding-bottom:20px;\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\n\n\u003ctr\u003e\u003ctd style=\"text-align:center\"\u003e\u003cimg src=\"https:\/\/image.yes24.com\/goods\/152921080\/XL\" style=\"max-width:100%;height:auto\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\n\n\n\u003c\/tbody\u003e\u003c\/table\u003e\u003c\/center\u003e\u003c\/div\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003cdiv style=\"width:95%;{split_style6}padding-top:20px;padding-bottom:20px\"\u003e\n\n\u003cdiv style=\"text-align:left;font-size:16px;font-weight:bold;padding-bottom:20px\"\u003e Description \u003c\/div\u003e\n\n\u003cdiv style=\"text-align:left;word-break:break-all;font-size:14px;line-height:1.6em;\"\u003e\n\n\u003cdiv\u003e\u003ch5\u003e \u003cb\u003eBook Introduction\u003c\/b\u003e\n\u003c\/h5\u003e\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cdiv\u003e\u003cdiv\u003e \u003cb\u003eAn amazing miracle created by 830 employees during the crisis of sale brought about by imperial management.\u003cbr\u003e The story of Korea's first employee-owned company, Korea Engineering \u0026amp; Construction.\u003c\/b\u003e \u003cbr\u003eEach person invested 50 million won and raised a total of 53 billion won to acquire a listed company.\u003cbr\u003e\u003cbr\u003e A fairytale-like story that created a new paradigm for the Korean economy.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Protect their own jobs and job security.\u003cbr\u003e\u003cbr\u003e In seven years, sales nearly doubled and the number of employees increased from 1,100 to 1,900.\u003cbr\u003e A company without owner risk, electing the CEO and shareholder representatives through public offering and election.\u003cbr\u003e Ownership and management are separated, and everyone, whether they are the CEO or a new employee, has equal rights and obligations.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Korea Engineering \u0026amp; Construction was an affiliate of Hanjin Heavy Industries \u0026amp; Construction Group (Chairman Cho Nam-ho).\u003cbr\u003e In March 2017, 830 executives and employees of Korea Engineering \u0026amp; Construction were put at risk of being sold off as the group's flagship company, Hanjin Heavy Industries \u0026amp; Construction, was facing difficulties in management.\u003cbr\u003e Accordingly, 830 executives and employees contributed 50 million won each, raising a total of 53 billion won to acquire their own company. \u003cbr\u003eAfterwards, employees elected the CEO and shareholder representatives through direct voting with the participation of all employees (investors), separated ownership and management, and created a system and culture that allowed them to participate in management.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e The company has grown significantly since its acquisition in 2017.\u003cbr\u003e Sales nearly doubled from KRW 199.3 billion in 2017 to KRW 376.9 billion in 2023, and the number of employees increased from approximately 1,100 to approximately 1,900.\u003cbr\u003e If the so-called M\u0026amp;A had taken place, mass layoffs, restructuring, and asset sales could have occurred. However, the employees of Korea Engineering \u0026amp; Construction kept their jobs and job security, and even achieved further growth.\u003cbr\u003e\u003cbr\u003e This book covers the acquisition process, from the sale of Korea Advanced Institute of Technology in March 2017, to the establishment of new governance. \u003cbr\u003eThere were numerous obstacles, including creating public opinion for the acquisition, difficulties in raising funds, wavering opinions among employees, and opposition from management.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e In this process, the labor union and author Kim Young-su (union chairman) played a major role.\u003cbr\u003e The labor union and author Kim Young-soo (union chairman) did not shout \"opposition to the sale,\" but declared \"direct takeover by employees,\" and focused all their efforts on this.\u003cbr\u003e In particular, the right of first arbitration was received on August 16, about five months after the sale began, and the role of author Kim Young-soo was very important until then.\u003cbr\u003e The book depicts author Kim Young-soo running breathlessly toward his goal of 'direct employee acquisition.'\u003cbr\u003e If you follow his actions and decisions at every moment, or rather, the way he had no choice but to act, you will see that the story unfolds in a way that was serious at the time but is now an interesting read.\u003cbr\u003e\n\n\u003c\/div\u003e\u003c\/div\u003e\n\u003cdiv\u003e\u003cul\u003e\u003cli\u003e You can preview some of the book's contents. \u003cbr\u003e\u003cspan\u003ePreview\u003c\/span\u003e\n\n\u003c\/li\u003e\u003c\/ul\u003e\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cbr\u003e\u003cdiv\u003e\u003ch5\u003e \u003cb\u003eindex\u003c\/b\u003e\n\u003c\/h5\u003e\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cdiv\u003e Recommendation\/ When you enter\u003cbr\u003e Chapter 1: The Road Not Taken\u003cbr\u003e New boss\/Voluntary agreement\/Employee buyout is the answer\/I was mentally prepared\u003cbr\u003e Chapter 2: The Ideal and Reality Before Our Eyes\u003cbr\u003e First Step: Becoming the President of Our Company's Shareholders' Association \/ Proposing a Debt-Based ESOP \/\u003cbr\u003e Collecting \"Letter of Intent to Participate in the Acquisition,\" Building External Collaboration, Funding, and the Power of Solidarity\u003cbr\u003e Chapter 3: The Worker Bought the Company\u003cbr\u003e Preferential negotiation rights\/ wavering minds\/ takeover task force\/ fateful week\/ final contract at last\u003cbr\u003e Chapter 4: Employee Stock Ownership: Everyone Has 1\/n Rights\u003cbr\u003e The first listed company to separate ownership and management, elect a CEO by vote, and voluntarily return wages.\u003cbr\u003e Conclusion\/ Acknowledgments\/ Korea Comprehensive Technology Acquisition Schedule\u003c\/div\u003e\n\u003cdiv\u003e\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cbr\u003e\u003cdiv\u003e\u003ch5\u003e \u003cb\u003ePublisher's Review\u003c\/b\u003e\n\u003c\/h5\u003e\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cdiv\u003e \u003cb\u003eA miracle created by 830 employees during a crisis of sale.\u003cbr\u003e\u003cbr\u003e Concerns that the 50 million won in investment could disappear, but the acquisition is complete.\u003c\/b\u003e\u003cbr\u003e \u003cbr\u003eKorea Engineering \u0026amp; Construction, which was put on the market in March 2017, was in danger of becoming prey to corporate raiders (speculative capital) who prioritize profit recovery over management, or being acquired by a large construction company.\u003cbr\u003e Even if they were lucky enough to be acquired by a large construction company rather than a speculative capitalist, it would be expected that there would be restructuring, layoffs, and deterioration of employee benefits, although the degree of this would vary.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Of the 1,100 employees at the time, 830 made a decision.\u003cbr\u003e 50 million won was a lot of money to a working person back then, and it is still the case now.\u003cbr\u003e Despite the anxiety that their 50 million won in investment could disappear, they trusted the acquisition team and each other and participated in the 'direct employee acquisition.'\u003cbr\u003e They expressed their enthusiasm by participating in a rally calling for a \"fair sale\" in front of the headquarters of the Industrial Bank of Korea, the lead manager for the sale, and Hanjin Heavy Industries \u0026amp; Construction, and actively participating in the acquisition-related briefing session.\u003cbr\u003e There was also a major crisis. \u003cbr\u003eAlthough some executives, particularly those in management, began to oppose the 'direct takeover of employees' in the final stages of the takeover, this ultimately led to an extreme confrontation.\u003cbr\u003e Even at this time, the executives and employees supported the takeover task force team and wanted to become the owners themselves.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e \u003cb\u003eDespite three consecutive years of negative profits, the company overcame the crisis with measures such as its own \"10% wage return resolution.\"\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e Since its acquisition on December 15, 2017, Korea Advanced Institute of Technology has been a testing ground for new corporate models.\u003cbr\u003e The process of establishing governance was not smooth.\u003cbr\u003e Korea Advanced Institute of Technology recorded negative operating profits for three consecutive years from 2017, when it acquired the company, to 2019.\u003cbr\u003e Within the engineering industry, to which Korea Engineering \u0026amp; Construction belongs, rumors were circulating that the company would soon go under, calling it a \"union-controlled company\" and a \"company without an owner.\"\u003cbr\u003e Also, “If a deficit occurs for three consecutive years, the KOSPI listing will be delisted. \u003cbr\u003eThere was even a groundless rumor going around that “If that happens, you will lose all of your 50 million won in investment.”\u003cbr\u003e\u003cbr\u003e In this situation, at the end of 2018, employees voluntarily passed a resolution to return 10% of their wages.\u003cbr\u003e In a typical company, it would be the management and executives who would first cut their salaries, but Korea Technology's executives and employees did not do so.\u003cbr\u003e They had a heated discussion and passed a resolution to return 10% of wages by a vote of all employees.\u003cbr\u003e The executives and employees of Korea Advanced Institute of Technology have proven that they are the owners of the company.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e \u003cb\u003eWhy is Korea Engineering \u0026amp; Construction the first publicly listed company in Korea to have an employee stock ownership system?\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e There are several companies that advocate employee stock ownership.\u003cbr\u003e But why does Korea Advanced Institute of Technology confidently use the word \"first\"? Korea Advanced Institute of Technology's employee stock ownership system differs from that of typical companies. \u003cbr\u003eIt goes beyond the simple concept of “employees own the company’s stock” to include the aspect of “all members manage the company” or “all members are owners of the company.”\u003cbr\u003e The executives and employees took over management rights.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e First, ownership and management were separated.\u003cbr\u003e In general companies, as well as companies that advocate employee stock ownership, the CEO is either appointed by the largest shareholder or is appointed directly by the largest shareholder.\u003cbr\u003e Ultimately, ownership and management cannot be separated.\u003cbr\u003e However, Korea Comprehensive Technology is a company that invests in Korea Comprehensive Technology (KECC) Holdings.\u003cbr\u003e Of the total 1,800 employees, 1,035 are regular shareholders.\u003cbr\u003e Korea Engineering \u0026amp; Construction Corporation (KECC) Holdings is exploring various support measures to expand its regular investors.\u003cbr\u003e The president is elected by direct vote.\u003cbr\u003e Korea Advanced Institute of Technology appoints the president elected in this manner at the general shareholders' meeting. \u003cbr\u003eUltimately, the CEO has no choice but to listen to the voices of his employees, and ownership and management will naturally be separated.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Second, although the largest shareholder of a company is an individual, the largest shareholder of Korea Engineering \u0026amp; Construction Co., Ltd. is the 'KECC Engineers Cooperative' with 1,035 investors.\u003cbr\u003e The 'KECC Engineers Cooperative' operates to ensure that Korea Advanced Institute of Technology (KAIST) remains a sort of employee self-governing community.\u003cbr\u003e\u003cbr\u003e Executives and employees can run for election as members of the Board of Directors (consisting of 40 members) or as the Chairman of the Finance Committee, the Chairman of the Management Committee, the Chairman of the Shareholder Value Committee, or the Chairman of the Personnel Committee, and if elected, can participate in management.\u003cbr\u003e The roles of the Board of Directors and its four chairmen are substantive, not formal.\u003cbr\u003e The Board of Directors receives a monthly report on the company's status from the President, and has the right to elect the three final candidates from among the applicants when electing the President of Korea Advanced Institute of Technology.\u003cbr\u003e\u003cbr\u003e \u003cbr\u003eThird, the CEO and the ‘KECC Holdings representative (shareholder representative)’ are elected through direct voting by the investing executives and employees.\u003cbr\u003e The CEO and the 'KECC Holdings representative (shareholder representative)' representing the company are elected by vote, so they cannot make arbitrary decisions.\u003cbr\u003e Naturally, they have no choice but to listen to the voices of their employees.\u003cbr\u003e This enables democratic decision-making.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Fourth, the term of office of the President and the ‘KECC Holdings Representative (Shareholder Representative)’ is three years.\u003cbr\u003e The CEO may be reappointed after a three-year term through a vote of confidence from the investing executives and employees, and the 'KECC Holdings CEO (shareholder representative)' is reappointed through an election.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Fifth, everyone has 1\/n rights.\u003cbr\u003e Every citizen has equal rights and obligations from the moment he or she is born.\u003cbr\u003e Likewise, in the case of Korea Advanced Institute of Technology, if each person invests 50 million won and becomes a shareholder, everyone has equal rights and obligations.\u003cbr\u003e \u003cbr\u003eUnder current law, a shareholder with even one more share can exercise more rights, but Korea Advanced Institute of Technology has prevented this in advance by establishing its governance structure.\u003cbr\u003e For example, when electing a representative for Korea Advanced Institute of Technology, any employee who invested 50 million won, regardless of whether he or she is a new employee or the president, only casts one vote.\u003cbr\u003e No one can exercise more voting rights than that.\u003cbr\u003e The 50 million won deposit will be returned upon retirement.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Sixth, what do employees do when a company's net income turns negative? They demand wage cuts, starting with management.\u003cbr\u003e However, as the executives and employees of Korea Advanced Institute of Technology are the owners, they could voluntarily decide to 'cut wages' or 'defer wages', and they did so in the second half of 2019.\u003cbr\u003e At that time, Korea Advanced Institute of Technology decided on this issue through a vote for or against with the participation of all executives and employees.\u003cbr\u003e\u003cbr\u003e \u003cbr\u003e\u003cb\u003eAfter the launch of the employee stock ownership system, all four appointed presidents were elected through public offering and voting.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e Because Korea Advanced Institute of Technology elects its CEO and shareholder representatives through public offering and elections, the owner risk commonly mentioned in society cannot exist.\u003cbr\u003e Since the employee stock ownership system was launched in 2018, all four CEOs have been elected through open competition and voting.\u003cbr\u003e In particular, the three presidents from the 2nd to the current 4th term are people who joined Korea Advanced Institute of Technology when they were young and have had their abilities and character verified.\u003cbr\u003e There is a unique culture among the systems related to the president of Korea Advanced Institute of Technology.\u003cbr\u003e After their term ends, the CEOs return to the department of their choice, work just like regular employees, and retire.\u003cbr\u003e Korea Advanced Institute of Technology has made this culture a natural thing.\u003cbr\u003e\u003cbr\u003e \u003cb\u003eA model that ensures job security and maintains business sustainability after the Baby Boomer generation of entrepreneurs.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e Since the IMF crisis in 1998, corporate M\u0026amp;A has become common. \u003cbr\u003eWhen M\u0026amp;A occurs, restructuring often results in mass layoffs, a decline in welfare levels, and asset sales.\u003cbr\u003e This kind of thing happens, big or small, just to varying degrees.\u003cbr\u003e However, in cases where executives and employees directly acquire the company, as in the case of Korea Advanced Institute of Technology, employment stability is maintained, and the company can grow significantly as owner risk is eliminated.\u003cbr\u003e In particular, since a significant number of M\u0026amp;As are the result of corporate takeovers by predatory capital, and in such cases, layoffs and asset sales have become natural, 'direct employee acquisition' can become a new economic alternative model.\u003cbr\u003e Also, baby boomer founders are starting to retire.\u003cbr\u003e How can these companies maintain their sustainability? Korean society needs to seriously debate this issue, and \"direct employee buyouts\" offer a promising model.\u003cbr\u003e\u003cbr\u003e \u003cb\u003eThe best answer to the difficult question: \"Does democracy feed you?\"\u003c\/b\u003e\u003cbr\u003e \u003cbr\u003eSince its acquisition in 2017, Korea Engineering \u0026amp; Construction's order performance has ranked 4th to 6th for several years, but it has risen to 2nd place in the industry in 2023.\u003cbr\u003e Sales have grown significantly compared to 2017, and accordingly, the number of employees has increased by more than 800, from approximately 1,100 immediately after the acquisition to approximately 1,900, with more than 100 employees hired each year.\u003cbr\u003e If the acquisition had been by another company or predatory financial capital rather than an 'employee buyout', sales would have decreased and there could have been a significant reduction in staff.\u003cbr\u003e But that didn't happen, and instead, there was great growth.\u003cbr\u003e What power has this potential? Democratic decision-making is a prime example.\u003cbr\u003e Since there is no arbitrary decision by the largest shareholder (owner), democratic decision-making is inevitable.\u003cbr\u003e Democratic decision-making may seem slow at first, but it ultimately becomes a force that can create greater things through majority participation.\u003cbr\u003e\u003cbr\u003e \u003cbr\u003eKorea Advanced Institute of Science and Technology (KAIST) has created a system that reflects this trend.\u003cbr\u003e A representative example is the election of the CEO, shareholder representatives, and board members.\u003cbr\u003e Anyone who has invested 50 million won can run for president, shareholder representative, or board of directors.\u003cbr\u003e Also, anyone, whether the CEO or a new employee, can participate in the voting with one vote per person.\u003cbr\u003e Additionally, the CEO is required to report business performance to the 40 board members every month, and this system is practical rather than formal.\u003cbr\u003e Some people talk about the tragedy of the commons, pointing out the problems of communal organization and democratic decision-making.\u003cbr\u003e However, if we organize the system and share the content with those who participate, there will be no tragedy in the commons, and instead, flowers will bloom.\u003cbr\u003e This is the case with Korea Advanced Institute of Science and Technology's election and board of directors operation system.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e \u003cb\u003eA fairy tale, what results can one human's awakening and will bring?\u003c\/b\u003e\u003cbr\u003e \u003cbr\u003eAuthor Kim Young-soo, currently the CEO of Korea Engineering \u0026amp; Construction Co., Ltd. (KECC) Holdings, was the union chairman at the time of the acquisition in 2017.\u003cbr\u003e Author Kim Young-su learned about the 'employee stock ownership system' and 'direct employee acquisition' while working in the labor union before the acquisition in 2017.\u003cbr\u003e He showed solidarity and support for the establishment of several labor unions, including the Seoyoung Engineering Labor Union in the same industry.\u003cbr\u003e I also witnessed the process of Saman Engineering pursuing an 'employee acquisition' but unfortunately failing.\u003cbr\u003e This experience served as a driving force for Korea Advanced Institute of Technology to respond quickly, centering on the labor union, when the company was facing a crisis of being sold, and to formulate a plan for an \"employee buyout,\" which was ultimately accomplished.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e When you read this book, the experiences of author Kim Young-su unfold like a fairy tale or novel.\u003cbr\u003e These events are sometimes dramatic and sometimes show the formation of extreme conflicts. \u003cbr\u003eAt other times, it shows the human figure enduring with perseverance and patience.\u003cbr\u003e And sometimes dramatic luck follows.\u003cbr\u003e So, reading this book is dramatically entertaining.\u003cbr\u003e As soon as he announced the \"employee buyout,\" he organized a \"Right Sale Urging Rally\" and a National Assembly press conference to raise funds and shape public opinion, and frequently met with reporters, civic groups, and politicians.\u003cbr\u003e One of the most difficult tasks in the 'employee takeover' process was financing.\u003cbr\u003e The bank refused to lend money on the grounds that “the employees (workers) are taking over the business.”\u003cbr\u003e They predicted that “the funds might not be recovered” and were afraid of this.\u003cbr\u003e What if employees (laborers) refused to collect their funds from the bank and staged a strike and protest in front of the bank? They were afraid of that and refused to lend money. \u003cbr\u003eFunding was rejected by all major banks, including Kookmin, Woori, Shinhan, and Hana.\u003cbr\u003e However, the union leader (author Kim Young-soo) who led the acquisition was not discouraged and continued to knock on the financial sector.\u003cbr\u003e Finally, just a few days before the June 21st bidding deadline, we received funding from Cape Securities.\u003cbr\u003e According to him, it would be like scoring a goal just before the end of the second half of a soccer match.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Also, after receiving the preferential negotiation rights on August 16, there was organized action by some executives opposing the employee takeover.\u003cbr\u003e They preached the reasons why the acquisition should not be made and encouraged employees to leave.\u003cbr\u003e The company experienced major internal strife for a week.\u003cbr\u003e But the process was resolved dramatically and cleverly.\u003cbr\u003e In the process, author Kim Young-su demonstrated patience and harmony, taking the lead in resolving this issue harmoniously.\u003cbr\u003e In addition, after the acquisition, we focused on establishing governance. \u003cbr\u003eHe ran for and was elected as the CEO of Korea Technology Holdings, and played a leading role in the establishment of the CEO public offering system and the construction of the 'KECC Engineers' Cooperative.'\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e \u003cb\u003eIt was a serious story at the time, but now it adds to the fun of reading.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e There have been stories before of employees taking over a company.\u003cbr\u003e However, it was an uncommon story, and the company that set the stage was small.\u003cbr\u003e There has been no such example among companies listed on KOSPI or KOSDAQ, such as Korea Advanced Institute of Science and Technology.\u003cbr\u003e Also, stories that are generally unimaginable, such as ‘the president is elected’ or ‘both the president and new employees have 1\/n of the rights’, did not unfold.\u003cbr\u003e However, the story of Korea Advanced Institute of Technology over the past eight years is different.\u003cbr\u003e As a result, the stories that emerge are also different.\u003cbr\u003e The stories written in this book are things we have never heard or experienced before. \u003cbr\u003eSo, as you read, you feel a great sense of fun and novelty.\u003cbr\u003e\u003cbr\u003e For example, there are:\u003cbr\u003e I will write down a few stories from the union chairman (author Kim Young-soo) who led the takeover.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e ① I secretly met with officials from Hoban Construction, the competitor to the main bidder, at night to confirm their intentions.\u003cbr\u003e They met in groups of three from each side at a Japanese restaurant, and as if they were engaged in a espionage war, they tried to gauge each other's intentions, extracted information, and exchanged words to weaken the other side's will to take over.\u003cbr\u003e\u003cbr\u003e ② A reporter who was very interested in employee stock ownership came to visit.\u003cbr\u003e With the help of that reporter, I learned about a civic group called the 'Korea Federation of Employee Stock Owners Associations'.\u003cbr\u003e The story of meeting with the Blue House administrative officer with the support of that group, explaining the 'employee takeover', and asking for cooperation.\u003cbr\u003e \u003cbr\u003e③ I kept asking around and by chance, I learned about a method of raising funds from a fellow union leader.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e ④ After the acquisition, the company faced difficulties due to a decrease in operating profit in 2018, so there was an explanation session about ‘cutting the wages of executives and employees.’\u003cbr\u003e The union leader (author Kim Young-soo), who led the takeover, had to explain at this event why wage cuts were necessary.\u003cbr\u003e However, since 'cutting wages' is a topic that everyone hates, author Kim Young-soo wanted to avoid this place.\u003cbr\u003e It was a moment of minor internal conflict for him.\u003cbr\u003e\u003cbr\u003e ⑤ After the acquisition, Chairman Kim Young-soo became the CEO of Korea Technology Holdings.\u003cbr\u003e After I was elected, my wife said:\u003cbr\u003e “I saw the news, and I heard that many of the holding company representatives I know are going to jail.”\u003cbr\u003e\u003cbr\u003e But that didn't happen. \u003cbr\u003eKorea Advanced Institute of Technology separated ownership and management, elected its CEO and shareholder representatives, and increased transparency and employee participation in management, leaving no room for negative factors to intervene.\u003cbr\u003e Rather, the company has grown nearly twice since the acquisition, and employee welfare has also improved. \u003cbr\u003e\n\n\u003c\/div\u003e\n\u003cdiv\u003e\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\n\n\u003c\/div\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003cdiv style=\"width:95%;padding-top:20px;padding-bottom:20px\"\u003e\n\n\u003cdiv style=\"text-align:left;font-size:16px;font-weight:bold;padding-bottom:20px\"\u003e GOODS SPECIFICS \u003c\/div\u003e\n\n\u003cdiv style=\"text-align:left;font-size:14px;line-height:1.6em;\"\u003e\n\n\u003cdiv style=\"width:100%;margin-bottom:5px;line-height:1.6em;font-size:14px\"\u003e - \u003cstrong\u003eDate of issue:\u003c\/strong\u003e August 25, 2025\u003c\/div\u003e\n\n\u003cdiv style=\"width:100%;margin-bottom:5px;line-height:1.6em;font-size:14px\"\u003e - \u003cstrong\u003ePage count, weight, size:\u003c\/strong\u003e 292 pages | 488g | 149*210*18mm\u003c\/div\u003e\n\n\u003cdiv style=\"width:100%;margin-bottom:5px;line-height:1.6em;font-size:14px\"\u003e - \u003cstrong\u003eISBN13:\u003c\/strong\u003e 9791197575570\u003c\/div\u003e\n\n\u003cdiv style=\"width:100%;margin-bottom:5px;line-height:1.6em;font-size:14px\"\u003e - \u003cstrong\u003eISBN10:\u003c\/strong\u003e 119757557X \u003c\/div\u003e\n\n\n\u003c\/div\u003e\n\n\n\u003c\/div\u003e\n\n\n\u003c\/div\u003e\n\n\u003ccenter\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003cspan\u003e\u003c\/span\u003e\n\n\u003c\/center\u003e\n\n\n\u003c\/center\u003e","brand":"LIBRAIRIE COREENNE","offers":[{"title":"Default Title","offer_id":43891432161322,"sku":"164568","price":27.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0683\/2750\/5962\/files\/436ff107e50414fc884570fe6adf8b4e.jpg?v=1765324395","url":"https:\/\/librairie.coreenne.fr\/en\/products\/164568","provider":"LIBRAIRIE COREENNE","version":"1.0","type":"link"}