Nexon Founder Kim Jung-ju Resigns as NXC CEO... Lee Jae-kyo Appointed as New CEO

[Asia Economy Reporter Kang Nahum] Kim Jungju, who led Nexon’s holding company NXC for 16 years, is stepping down from the front lines of management. The plan is to entrust the position to a professional manager to strengthen the company’s social responsibility and expand global investments.

On the 29th, NXC announced that Lee Jaekyo, head of the Brand Promotion Division, will be appointed to replace Kim as CEO. At the same time, Alex Iosilevich, a former multinational investment banker, was recruited as Chief Investment Officer (CIO) in charge of global investments.

Although Kim is stepping down as CEO, he will remain on the board as an inside director and retain his registered director position. Kim explained the reason for his resignation, saying, "I have served as CEO of NXC for 16 years since the transition to a holding company, and I believe it is now time to entrust the role to a capable successor." Regarding his future plans, he said, "I will seek ways to contribute to Nexon Company and our society from a freer position."

Kim evaluated the new CEO, saying, "This new CEO has a deep understanding of Nexon Company’s history and DNA, making him the optimal person to carry out various decision-making and management activities at NXC. Over the past 20 years of working together, he has consistently provided me with positive motivation through his sincerity and warm perspective toward our society."

It is reported that Kim had been deeply considering business diversification for NXC. He did not actively engage in Nexon’s management and gave the impression of having lost interest in the gaming industry when he attempted to sell Nexon in 2019. After the failed sale, Kim decided to develop Nexon into a company like his role model, Disney.

Recently recruited Chief Strategy Officer (CSO) Nick Van Dyke and previously joined outside director Kevin Mayer both were responsible for acquiring new IPs such as Marvel and Star Wars at Disney. This transition to a professional management system is analyzed as a grand decision to transform NXC into a global content group like Disney.

An NXC official said, "Kim has traveled to many countries looking for business opportunities, but he has been particularly interested in businesses that can help future generations. Going forward, from a freer position than before, he is expected to focus on education, cultural projects, fintech, and other roles for our future generations."

Lee Jae-kyo, New CEO of NXC

With this, NXC has completely transformed into a professional management system. The new CEO, who joined Nexon in 1998, served as Nexon’s Director of Public Relations before moving to the holding company NXC in 2012, where he led social contribution and communication fields. He spearheaded the establishment of the Nexon Foundation in 2018, which oversees social contributions within Nexon Company, and currently serves as a director of the foundation.

The new CEO said upon his appointment, "I joined Nexon 23 years ago, captivated by its lively and quirky geniuses. I will carry on the entrepreneurial spirit of CEO Kim, who has led the industry with creativity and innovation, and further develop the future challenges that NXC has continuously pursued."

Alex Iosilevich Appointed as New NXC CIO

Alex Iosilevich, CIO, has served as an investment advisor for NXC and Nexon’s global business for over a decade and played a major role in successfully listing Nexon on the Tokyo Stock Exchange in 2011. He also led the media industry corporate finance division at the multinational investment bank UBS and previously provided renowned investment and corporate finance advisory services in the global interactive entertainment sector at Deutsche Bank and Barclays Capital. He plans to operate primarily from New York City.

He stated, "I have admired the innovation and history that NXC has demonstrated across various industries worldwide. Going forward, I will work with founder Kim and the new CEO to devise future growth strategies and promote innovation."

This content was produced with the assistance of AI translation services.