Kakao Appoints Namgung Hoon as New Sole CEO (Update)

Namgung Hoon, Kakao CEO Nominee

[Asia Economy Reporter Bu Aeri] Kakao, which has been embroiled in controversy over major executives' insider stock selling, announced on the 20th that Namgung Hoon, head of the Future Initiative Center, has been appointed as the new CEO.

Namgung is scheduled to be officially appointed as CEO after the shareholders' meeting and board of directors in March. CEO Yeo Minsu recently expressed his intention to step down from his position, taking responsibility for the social criticism surrounding Kakao.

Namgung previously served as CEO of NHN USA, CJ Internet, and Wemade before joining Kakao in 2015. In December last year, he was appointed head of the Future Initiative Center, an organization preparing for the next 10 years of the Kakao community.

Namgung said, "I will dedicate myself to ESG management with great responsibility to meet the role society expects from Kakao and to restore trust. We will reorganize our business focusing on future technologies such as the metaverse, expand Kakao's stage globally, and solidify our position as a technology company."

Kim Beom-su, chairman of Kakao's board, posted a message to employees on the same day, saying, "I feel a heavy responsibility for the significant loss of social trust that Kakao has accumulated over a long time and have repeatedly considered ways to recover it. I concluded that both the future-oriented innovation society expects from us and the implementation of systems required for the current Kakao are necessary."