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Angelo Koo praised as `ruthless recruiter'

Angelo Koo has become highly sought after by reporters since winning the presidency of China Development Financial Holding Corp's board of directors last week. PHOTO: LIAO CHENG-HUI, TAIPEI TIMES

Although he triumphed in the boardroom war for the presidency of China Development Financial Holding Corp (中華開發金控), Angelo Koo (辜仲瑩) -- the second son of Chinatrust Financial Holding Co (中信金控) chairman Jeffrey Koo (辜濂松) -- has a lot to do to prove he's the right boss for the financial giant.

"To secure his throne, Koo had better increase his stake [in China Development] to some 25 percent, which will cost him over NT$40 billion," said William Lin (林蒼祥), a professor of finance at Tamkang University and a former board member of the financial-service company.

Lin said that Koo needs to organize a top-tier management team as soon as possible by hiring newcomers while retaining part of the company's existing financial staff to stabilize morale.

So far, the 39-year old Koo, who doubles as chairman of China Development Industrial Bank (中華開發工銀), has made some smart moves. He has promoted Jeffrey Suen (孫致中) to president of the bank and retained Paul Chiu (邱正雄), the chairman of Grand Cathay Securities Co (大華證券), while planning to extend his muscle into the area he's most familiar with -- the corporation's overseas re-investment businesses.

With full support from the Ministry of Finance, Koo will be given more power to take charge of the company's operations in preparation for a full takeover in three years, Lin said.

Koo's former colleagues were supportive, saying that he is a very capable business leader.

"He has made his father -- a senior banker -- very proud of him," said a China Development board member nominated by KGI Securities Co (中信證) who did not want to be identified.

The board member, a venture capitalist and senior manager at one of Chinatrust's affiliates, has worked closely with Jeffrey Koo for years.

Others were willing to praise the younger Koo publicly.

"He is probably the most aggressive boss I've ever worked with," said Jeff Wang (王貞海), head of KGI's regional brokerage, who has worked closely with Angelo Koo for more than three years.

After graduating from the Wharton School of the University of Pennsylvania, Koo plunged himself into the family-run businesses at age 29 and turned KGI's net assets from approximately NT$2 billion in 1997, when he took over, to over NT$20 billion today.

Wang said that younger Koo's policy-making style is very teamwork-oriented.

"He is highly respectful of professional opinions and fully authorizes employees to take charge. But he is very strict with employees' performance," Wang said.

Koo could be ruthless and bold in recruiting new talent -- at high salaries -- to replace poorly performing employees, he said.

Wang said the younger Koo is a very persuasive financial-talent scout.

"Good at portraying his vision, Koo can easily recruit almost anyone he is interested in hiring," Wang said, adding that the younger Koo should have no problem put-ting together a top management team at China Development in the near future.

According to the anonymous board member, Jeffrey Koo emphasized the importance of two key business principles to his two sons -- treat your employees well and refrain from cronyism.

The board member said the younger Koo will be able to work smoothly with China Development's government-appointed chairman, Chen Mu-tsai (陳木在), since he respects not only the professionalism, but also seniority.

In private, the younger Koo is a "shy" person, low-key and not very talkative, according to Wang.
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