Representative Jeong also acting as Chairman of the Management Innovation Committee
"Please proceed with innovation and coexistence without issues"
Kakao is entering an emergency management system centered on CEO Jeong Shin-ah to minimize the gap caused by the detention of founder and Management Innovation Committee Chairman Kim Beom-su.
On the morning of the 25th, Kakao held a group council meeting presided over by CEO Jeong to review internal and external risks and discuss specific countermeasures.
Through this meeting, Kakao will establish an emergency management system centered on CEO Jeong, who also serves as co-chairman of the CA Council, the group's control tower. In the CA Council, CEO Jeong shares the co-chair position with Chairman Kim. Temporarily, CEO Jeong will also act as the Management Innovation Committee Chairman.
Additionally, the group council meetings, which were held monthly, will now be held weekly to closely discuss and respond to major management issues. At the meeting, CEO Jeong emphasized the smooth progress of ongoing innovation and win-win projects within each affiliate and mentioned that the development of artificial intelligence (AI) services currently underway to secure growth engines will proceed without disruption.
Kakao reported that the CEOs of the affiliates attending the meeting also agreed to maintain vigilance and diligently carry out various tasks.
Earlier, Judge Han Jeong-seok, in charge of warrants at the Seoul Southern District Court, issued an arrest warrant for Chairman Kim, who is accused of violating the Capital Markets Act, citing concerns over evidence tampering and flight risk.
According to the prosecution, Chairman Kim is suspected of manipulating stock prices to set them higher than the public tender price of 120,000 KRW offered by competitor HYBE during Kakao Entertainment's acquisition of SM Entertainment in February last year, in order to obstruct HYBE's public tender.
The prosecution is reportedly focusing on whether Chairman Kim directly ordered or approved the price manipulation. They believe that as the group's top decision-maker, Chairman Kim was informed of and approved the price manipulation plan in advance.
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