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In A Knowledge Economy, Value Creation Management is an Art

A landscape painting of value creation (wide-view composition)

 by Kang Suk-Jean, Chairman of the Korea Professional Management Academy and the CEO Consulting Group, Painter

 

 

Knowledge-productive leadership for value creation

As predicted by Peter Drucker, who first introduced the theory of the knowledge economy, there is a global competition for advanced knowledge in today¡¯s business world. In this era in which knowledge productivity is the most important factor for value creation and the priority of business managers, one Korean management scholar and artist is sharing his management philosophy with business leaders. He is Kang Suk-Jean, former chairman of General Electric (GE) Korea. He has created a visual representation of the innovative and creative management style and people-oriented leadership he exercised together with Jack Welch, former chairman of GE, the world's most admired business leader.

 

A large-scale painting of management philosophy reflecting creativity, passion, and professionalism

Kang Suk-Jean, chairman of the CEO Consulting Group, was the CEO of GE-Korea from 1980 through 2001 (21 years). He was instrumental in leading GE businesses in Korea to become exemplars of successful global business management. During this period, the total revenue of GE¡¯s business in Korea increased 200 times. In the early 1990s, the chairman of GE, Jack Welch, stated that "We need more global leaders like Jean Kang for the successful globalization of GE". Jack Welch recommended that GE business leaders attending the conference use the GE business model in Korea established by Mr. Kang as the model for globalization of all GE businesses.

 

Mr. Kang's big picture of globalization arose from the broad perspective he gained when working as the vice president of a U.S. investment banking firm in New York at age 31. He was in charge of the firm's investment projects for the Asiatic region. He developed a joint venture company between the semiconductor division of Sylvania Electric and the investment banking firm, combining the technology of Sylvania and the investment capital from the finance company. The joint venture company, Dartmouth Electronics, decided to build a semiconductor manufacturing plant in Korea. The Korean Government at that time approved the foreign capital investment project within a few weeks with the help of one-stop services. During that time (in the early 1970s), semiconductors were used in the defense industry only. When the Vietnam War was ending from early 70s,  the American defense and semiconductor industries faced significant difficulties as the market demand disappeared.

As a result, Sylvania Electric closed its semiconductor business division, and the joint venture project Mr. Kang had developed for semiconductor manufacturing in Korea could not be implemented. Chairman Sull Kyung-Dong, the founder of the Taihan Electric Wire Company (Taihan), one of the top two electric and electronic companies in Korea at that time, had interest in the semiconductor project Mr. Kang was working on.  As the semiconductor project could not be implemented, he tried to convince Mr. Kang to take responsibility for exporting the company¡¯s electronics products. 

 

Mr. Kang accepted Chairman Sull's proposal and took on the responsibility of exporting Taihan's electronics products. However, he faced an unexpected dilemma: the electronics industry in Korea, including the Taihan did not have their own product models for export. The electronics industry in Korea was in its beginning stages at that time. 


Using his artistic imagination, Mr. Kang started drawing a wide-scale big picture inspired by creative ideas and passion. As the way he painted landscapes through spiritual silent communication with Mother Nature, he could draw a unique style composition of landscape,  depicting the world market for exporting Taihan's electronics products.

 

With his own creative big picture, he visited Japan and Europe and bought  best electronics product models of leading electronics companies in Japan and Europe.  He then convinced Chairman Sull to make an in-company R&D organization for developing Taihan's own electronics product models for export. Chairman Sull accepted Mr.Kang's recommendation immediately and supported organizing the best R&D team. This was the first in-company R&D organization for new model development in the Korean electronics industry. The company¡¯s best electronics engineers worked on R&D projects to develop Taihan's own models using reverse engineering approaches to save time and to minimize risks. As a result, Taihan had its own electronics product models for export after several months. With these models, Mr. Kang began to develop export markets, and Taihan started exporting to France, South Africa, and a few Asian countries. However, Mr. Kang had challenging goals: his next target market was the U.S.A., the world¡¯s largest electronics market and its largest electronics company, GE. It took six  months to convince GE and to pass rigorous testing and approval processes. Finally, GE and Taihan signed a long-term contract for manufacturing of GE brand products in Korea.

After two years, Taihan became the No.1, premier exporter of electronics industry in Korea, winning a presidential award on ¡°Export Day¡± that year. Thus, Mr. Kang achieved his goal within two years.

 

General Electric (GE), founded by Thomas Edison, is known as one of the most innovative and successful companies in the world. Mr. Kang¡¯s persistent persuasion for more than 6 months, and the company¡¯s successful completion of the fastidious process of quality and safety testing, and signed the first long-term contract for manufacturing of GE-brand products at Taihan's plant in Korea. Throughout these processes, his passionate and innovative drive for success was observed and recognized by GE management. Thus, GE proposed that Mr. Kang be in charge of managing GE's new business in Asia. However, Chairman Sull of Taihan did not want to lose Mr. Kang, but neither did he want to lose GE, the biggest customer for Taihan. Therefore, GE and Taihan agreed to sign the world¡¯s first unique contract in which GE borrows Mr. Kang from Taihan. Under the terms of this contract, Mr. Kang remained an employee of Taihan, but worked full-time for GE managing GE business operations.  This was the beginning of Mr. Kang¡¯s new life with GE managing the world¡¯s most advanced businesses for 30 years.


Communication is the key to success in the global knowledge competition

 

At the beginning of the 1980s, Mr. Kang tried to persuade GE management at a company strategy meeting not to see Asian countries as markets any more, but to consider them to be long-term strategic partners. He recommended to build long-term partnerships between GE and companies in Asian countries through direct capital investment, joint venture partnerships, technology assistance, and long-term OEM (original equipment manufacturing) agreements to enter the world market together as strategic partners. 

At that time, globalization was not a familiar management concept in the business world, and GE¡¯s management also had difficulty accepting Mr. Kang's presentation about this strategic new approach to Asian countries. However, Mr. Kang did not give up on his proposal. After his tenacious persuasion for more than one and a half years, the GE management finally gave the green light to Mr. Kang¡¯s proposal, adopting a new approach to Asian countries that is similar to today's globalization. This agreement came with the condition that Mr. Kang must establish a success model in Korea first. This is how Mr. Kang became the national executive and president of GE Korea in 1980.

 

During Mr. Kang¡¯s managing GE businesses in Korea, GE invested to establish over ten companies, formed several strategic alliances and technology assistance agreements, and engaged in long-term cooperation for OEM manufacturing in Korea.

Soon afterward, globalization became an important hot issue for businesses management in the developed countries.  At a GE management conference in early 1990s, Jack Welch selected GE Korea¡¯s business operations as a success model for globalization of all GE businesses. The Korean Government also described GE Korea¡¯s business model as the most desirable foreign company's business operation in Korea.

Chairman Kang¡¯s long-term strategy and global approach has at last blossomed 15 years after he started introducing his own globalization strategy becoming  the norm all over the world.

 

The success of this idea came through constant communication. When he hit upon a new business idea, he persuaded managers of related businesses through open communication. Jack Welch, too, trusted Chairman Kang completely. Mr. Kang¡¯s passion comes from his conviction. He directs all his energies toward business success with confidence; the word ¡°failure¡± is not in his vocabulary. This is true of many things in his life, not just his management philosophy.

 

CEO consulting for knowledge productivity and value creation

Chairman Kang thought of spending his life as an artist after retiring from GE Korea, but Korea¡¯s business circles did not allow him to leave without sharing his knowhow and advanced management skills. He attempted to retire from GE while he was the first co-chairman of a professional management group called the Korea CEO Forum, but the board members of the organization did not want to lose him from the business community. One day, 18 board members gathered at the Korea Press Center to discuss the subject at length. After long discussion, they all agreed to participate  organizing  a management consulting group to share their management knowledge and experiences with managers of middle and small enterprises and venture companies. This is how  the CEO Consulting Group was organized by the management team after the dinner meeting.  

 

For the past five years, Mr. Kang has conducted academic research at a university in The Netherlands on the correlations between leadership, organizational culture, knowledge productivity, and value creation. This research has been based on his managerial experience and knowledge. The results of this study are scheduled to be published in The Netherlands this year in a book of scholarly papers.  Mr. Kang will continue to share his academic research findings, presenting guidelines for business leaders as to how to create a knowledge-productive organizational culture and achieve high value creation, which is the ultimate objective of business managers.

He emphasized that a CEO must embrace the whole of corporate businesses in his heart and be able to advance toward new businesses and future growth engines looking five or ten years ahead, considering value creation as the top priority.  In the global knowledge competition, the core leadership characteristics required to lead a creative, knowledge-productive organization and implement people-oriented management,   

 

As an artist, he will communicate with Mother Nature to express his feelings and thinking of the great nature on canvas. Mr. Kang is currently giving lectures as a professor at the business schools of Ewha Women¡¯s University and Sogang University for students and business executives. He also deeply involved in academic society as chairman of the Korea Professional Management Academy.

 



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