2000, Dr. Chang-Jae Shin, a professor at the Medical School of Seoul National University was inaugurated as the CEO of Kyobo Life. At that time, Kyobo was in a deep crisis.  However, he has turned out to be a master of change management. In facilitating the change process of Kyobo, he has gone through the following eight stages. 1) Creation of crisis situation, 2) Building a strong organization responsible for the change management, 3) Development of vision and strategy, 4) Communication of vision and strategy, 5) Authority delegation and elimination of barriers, 6) Development of quick success cases, 7) Integration of various success cases and acceleration of innovation, 8) Incorporation of new systems into corporate culture. In addition, he has spent an enormous amount of time and energy to communicate with the employees, which has contributed considerably to the establishment of his leadership and the success of change management. He has practiced customer-oriented management in a true sense of the word, which now takes the form of emphasis on service for retained customers. In the past, Kyobo and all other Korean insurance companies have focused on attracting new customers. Furthermore, Dr. Shin has focused on profit-oriented management rather than sales-oriented management. His decisions have been always consistently in the best interest of Kyobo, sometimes at the expense of his personal interests. Finally, Dr. Shin has been making utmost efforts to balance the interests of stakeholders like customers, employees, sales people, investors and the national state. It is his firm belief that promoting the interests of some of these groups at the expense of other groups will not make the companies sustainable in the long run. Thanks to all these efforts on the part of Dr. Shin, Kyobo has now become one of the most respected and profitable companies in Korea.