That's why some observers say the best chances for reform in Korea will come from companies who's CFOs have experience working in the US or Europe. Indeed, signs of changes in Korea have started to crop up, primarily at smaller companies. In sectors not known for aggressive unions, like publishing and media companies, downsizings and restructurings have started to take place. With advertising down to less than half the levels of two years ago, management said they had to wield the axe. A visit to the cavernous Kyunghyang headquarters tells the story.
Offices are half empty.
Desks are stripped of family photos. The voice of a single night watchman echoes in a grey concrete hallway. The newspaper, however, may now have a new lease on life. Andrew Horvat is a writer living in Tokyo.