[YeitSuda] A Person Who Clearly Knows When It Is Time to Go

[Asia Economy Reporter Kim Heeyoon] A few years ago, Captain Go Seokgil of the octopus fishing boat at Mukho Port, who appeared on KBS Documentary 3 Days, became a hot topic. When the VJ asked about his childhood dream, Captain Go replied, “I had a dream too,” and said, “I wanted to go to the Department of Korean Literature.” Then he recited Lee Hyeonggi’s poem ‘Falling Flowers’ on the deck, saying, “How beautiful is the back of a person who clearly knows when it is time to leave and goes.” Viewers sent messages of support and emotion, calling Captain Go a romantic fisherman whose life itself became literature, as he recited his life philosophy without forgetting his dream on the sea.

How many people clearly know when it is time to leave? Laozi also said in the Tao Te Ching, “After achieving success, one does not dwell on it; by not dwelling, one does not disappear (功成而不居 夫惟不居 是而不去),” which suggests that ‘achievement (功)’ is something difficult to let go of or forget, and that leaving suddenly was even more difficult.

The management rights dispute involving former SM Entertainment Chief Producer Lee Soo-man, which stirred public attention, also stemmed from differing views on when it was time to leave. In 2019, when KB Asset Management requested Lee’s personal company Like Planning and SM to clarify their relationship, SM and Lee ignored it, emphasizing the importance of producing. Three years later, in 2022, activist fund Align Partners, which acquired 1% of SM shares, pointed out the same issue, but Lee again remained silent. The opponent was different this time. Align, having succeeded in appointing auditors they recommended at the shareholders’ meeting, demanded fundamental improvements to SM’s governance structure, accelerating Lee’s ‘time to leave.’

Despite two signals, Lee did not move and quietly pursued selling his shares. Acquisition proposals arrived from CJ ENM and Kakao Entertainment, who were negotiating the sale, but he hesitated once again. As the delay continued, some criticized that Lee only sought to confirm his market value without real intention to sell. At this time, it was reported that Kakao Entertainment offered Lee, after purchasing shares, the authority over Kakao Entertainment’s music business and investment opportunities for the next five years. Therefore, some analysts suggested that Lee rejected Kakao’s offer because he planned to continue his activities for five years or more.

The prediction was correct. According to the contract between SM and Like Planning, Lee was scheduled to receive a 6% royalty on existing album and music sales revenue from SM until 2092, and a 3% royalty on management revenue until the end of 2025. When the issue of receiving royalties for 70 years arose, SM’s in-house lawyer and Vice President Cho Byungkyu explained, “(Lee) had plans to either give up the royalties long ago or donate them to society,” adding, “He was just considering when and how to announce it.” However, assumptions about unexecuted plans proved to be futile appeals.

Eventually, the SM 3.0 vision excluding Lee Soo-man was announced, and when Kakao became the second-largest shareholder of SM through new shares and convertible bonds, Lee finally prepared to leave. His move to hand over his shares to HYBE and depart from SM only after facing the prospect of being ousted starkly illustrated to the public how difficult it is to leave while still being applauded.

The romantic fisherman Captain Go Seokgil recited Jo Jihoon’s poem ‘Longing’ following ‘Falling Flowers’ on the rocking boat: “One glass for you who have left / Another glass for our eternal love / And another glass for my already shabby self / The last glass for God who knew and decided beforehand.” Through the lonely departure of the K-pop hero turned dictator, we realize that an era is coming to an end.

Editor's NoteYeitsuda (藝It Suda) is an abbreviation for chatting about art, a column covering issues and trends across the arts, including music, fine arts, and performances.