EWK Changes to Sole CEO System with Jung Dae-woo... "Focusing on New Businesses Following Subsidiary Performance Growth"

[Asia Economy Reporter Hyunseok Yoo] EWK announced on the 24th that it has changed to a sole representative system under CEO Jeong Daewoo following the resignation of co-CEO Seo Sangwon.

Last year, EWK acquired shares of Kiwiplus from Kakao and Seo Sangwon, CEO of Kiwiplus, and Seo Sangwon was appointed as co-CEO of EWK.

The company explained that from the time of acquisition, CEO Seo also served as the CEO of Stage Five, an affiliate of Kiwiplus, and that Stage Five is a grandchild company of Kakao, with strong business connections to Kiwiplus.

A company official stated, "The subsidiary Kiwiplus's sales in the first quarter have already surpassed last year's figures, and growth is expected to continue in the second quarter. This is a strategic choice to focus on new platform businesses such as AI home robots and used phone trading." He added, "We will reduce CEO Seo Sangwon's workload to strengthen focus on key businesses through business linkage with Stage Five and prompt decision-making."