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471 Lu Corporation Board Meeting - Part 12

Wednesday, continued …

Hou Yi looking directly at CEO Lu continued, "That is fifty-five percent of the shares voting for your removal. CEO Lu, you are removed as CEO of Lu Corporation. The only thing, and I hope everyone else agrees is until the temporary CEO is appointed by the External Committee, you will remain the public face of the company." This drew nods from around the table.

"I will fight you all the way."

Firmly, enjoying this Hou Yi retorted "Try it. The majority of shareholders have spoken, and I would guess the majority of your family members over there" and he was pointing to the Lu Family Members present "would also agree. Gentleman I want no involvement in the process, nor will Hou Enterprises be involved. I would suggest that CEO Yang, given the family connections be in charge of the external committee now and when Lu Jinhu\'s ban ends for the permanent CEO."

"Forget It" screamed CEO Lu.

"Mr Lu, rather than arguing, most of those eligible for the CEO appointment are in this room, Let us have their opinion on the process, and then if they majority agree it is done."

Very quickly from the members of the Lu family in the room there was a unanimous Yes.

Hou Yi paused and then continued "So the majority have spoken to agree on your removal, and the process to appoint a competent CEO for Lu Corporation. Mr Lu Jingho our are removed as CEO, but will remain as acting CEO until a new CEO is appointed. As per the rules you are able to be considered to be the new CEO of Lu Corporation."

CEO Yang having enjoyed the show, as much as Hou Yi wanted to head back to his own company responded "Madam Hou, Gentlemen, at present I do not think we can take matters further. I will contact the Legal Department and all eligible Lu Family members in the next few days to finalise the process for the appointment of the interim CEO."

With that he stood up and started to leave, Anna and Hou Yi followed, leaving a screaming former CEO Lu Jingho, a shell shocked Mr Yang, and a group of scheming members of the Lu Family behind.

As they reached the Foyer, CEO Yang turned to Hou Yi, and said "I really did not believe that you could do it."

"Set me a challenge, and I will achieve it." Hou Yi paused before continuing "Thank you for keeping your word."

"I almost did not. For all of his idiocy Lu JIngho has been a competent CEO of Lu Corporation. For some reason, which I do not understand, he has a blind spot when it comes to Hou Enterprises, you and your parents. From what my father and elders say, he likes your grandparents and your Aunt …"

"Cutting a long story short from what I have been told my maternal grandmother was a housekeeper for the Lu family. One day my father when to talk to the Elder Lu, who was then CEO about business at his home and witnessed my mother being assaulted by Lu Jingho. As my parents tell is it was love at first sight and my father helped my mother escape from the household and then brought my grandmother to live with them when the Lu family terminated her employment. The deal that my father went to negotiate never happened and ever since then …"

"He has not liked your father, and hence you." CEO Yang paused, and then continued "Being realistic from all I know of the Lu Family other than him only two family members are competent enough to be its CEO."

"Lu Jinhu?" asked Anna.

"Correct Madam Hou. For everything he has done towards you and his apparent laziness in Australia from all reports each and every other decision made was sharp, insightful and appropriate. He was always informed and participated appropriately in board meetings."

"There is a distant family member who works as a lower-mid level employee within the entertainment division. His name escapes me at the moment. He used an assumed name to attend university where he was a top student, and has worked his way up in the company. I believe Hou Enterprises and Yang group among others tried to recruit him straight from university."

"There is no way that we can keep Lu Jingho as CEO but that only leaves one option until Lu Jinhu\'s ban ends and that might be a risk."