Kakao Appoints Outside Director Yoon Seok as Chairman of the Board to "Strengthen Independence with External Personnel"

Kakao held a regular board meeting on the 30th and announced the appointment of Yoon Seok, an outside director, as the new chairman of the Kakao board of directors.

New Chairman Yoon Seok joined Kakao as an outside director in 2020. He is a financial and accounting expert who has served as Credit Suisse Securities MD and Head of Research Center, Executive Director at Samsung Securities, Vice President of Samsung Asset Management, and CEO of Samsung Active Asset Management. He is currently an adjunct professor in the Department of Business Administration at Sookmyung Women's University. Based on his comprehensive understanding of economic policy and extensive experience, he enhanced the diversity of the board and represented the interests of shareholders and society. He is evaluated to have contributed to board decisions on management matters aimed at the company's long-term growth and maximizing corporate value.

Yoon Seok, Chairman of Kakao Board of Directors
Photo by Kakao

This is the first time since Kakao's founding that an outside director has been appointed as the chairman of the board. Kakao has so far composed more than half of its entire directors as outside directors, and the chairpersons of the four specialized committees within the board (Audit, Nomination, Compensation, ESG) have also been outside directors, striving to enhance management transparency. It is expected that the appointment of the new chairman will strengthen the independence and transparency of the board.

At the shareholders' meeting on the 28th, Kakao formed a board structure consisting of a total of seven members (four female directors), including two inside directors, one other non-executive director, and four outside directors, through approval of the director appointment agenda. ▲ Inside directors are Hong Eun-taek, CEO of Kakao, and Bae Jae-hyun, Co-Head of Community Investment ▲ Other non-executive director is Jeong Shin-ah, CEO of Kakao Ventures ▲ Outside directors continuing their board activities are Yoon Seok, adjunct professor at Sookmyung Women's University Department of Business Administration; Choi Se-jung, professor at Korea University Department of Media; Shin Seon-kyung, lawyer at Law Firm Ryu; and Park Sae-rom, assistant professor at UNIST Department of Industrial Engineering.

Kakao plans to strengthen the expertise, independence, and diversity of the board to discover new growth engines and reinforce global business amid ongoing uncertain market conditions. Through this, it plans to focus on realizing the Beyond Korea, Beyond Mobile vision.