Netmarble Transitions to Sole CEO System with Kim Byung-kyu... Kwon Young-sik Resigns as CEO

Do Ki-wook, CFO, Expected to Join the Board of Directors

Netmarble announced through a disclosure of shareholder meeting agenda approved at the board meeting on the 7th that it has decided to transition from the dual CEO system of Kim Byung-kyu and Kwon Young-sik to a sole CEO system with Kim as the sole representative. CEO Kim, known as a 'strategist' who has been in charge of overall management strategy, has risen to sole CEO after one year as co-CEO.

CEO Kwon, who took office in December 2014, is resigning after 11 years. He will continue to serve as CEO of Netmarble Neo, a Netmarble-affiliated developer, and will participate as a key decision-maker in the 'Management Strategy Committee.' This committee was newly established earlier this year to enhance game business strategy and synergy among Netmarble affiliates.

To fill the vacant inside director position following CEO Kwon's resignation, Chief Financial Officer (CFO) Do Ki-wook has been recommended.

Meanwhile, Netmarble will hold its 14th regular general shareholders' meeting on the 31st at the G-Tower Convention Hall in Guro-gu, Seoul. Six agenda items, including approval of financial statements, partial amendment of the articles of incorporation, appointment of new directors, and approval of director remuneration limits, will be resolved.

A Netmarble official stated, "By transitioning to a sole CEO system with Kim, we plan to respond more proactively to the rapidly changing external environment and enhance the company's global competitiveness for a new leap forward."

Kim Byung-kyu, CEO of Netmarble