Money Games

Chapter 15Change Agent

A change of CEO always brings a huge amount of uncertainty to an organization. We needed someone with experience and a reputation for integrity, whom the board could immediately trust, and who was willing to relocate to Seoul. Importantly, it would have to be someone who could win the respect of our partner, the Korean government, and of KFB's employees. No matter how much experience a new leader arrives with, it remains a question whether he or she will be effective in a new environment, new culture, and new market. KFB, especially, was shifting course and implementing big internal changes, so the new CEO had to be a change agent and turnaround specialist. The task of finding the right person was urgent and daunting.

Immediately after the board meeting on September 13, we began our search. I was talking with Paul Chen that evening after dinner at the Shilla Hotel. “We have to find someone who is an experienced banker with proven leadership quality, who can be trusted by the board, and who is willing to take the job. That is very tough,” I said.

After a pause, Chen turned to me and said, “How about Robert Cohen?”

It was a classic cartoon moment: I felt like a light switch in my head turned on and my eyes lit up. “Paul, that is a good idea,” I said. “Why, it's a perfect idea!”

We all knew Cohen well by now. Robert (pronounced Rho-BEHR) Cohen had been invited to join the KFB board by Bonderman, who had known him for a long time. Medium height and bespectacled, ...