Shin Won-geun, Kakao Pay CEO Nominee, "Will Not Sell Held Shares During 2-Year Term"

[Asia Economy Reporter Kiho Sung] Kakao Pay has apologized for the controversy surrounding the management's stock option exercises and sales, and announced that it will strengthen responsible management going forward.

Shin Won-geun, the appointed CEO of Kakao Pay, stated at an internal meeting on the 4th that he will not sell any shares he holds during his two-year term. In cases where selling is unavoidable, he plans to disclose related information transparently and minimize the impact on stock prices through active communication. Other executives also plan to strengthen consultations with internal departments such as HR and IR when exercising stock options and implement measures to minimize risks.

Appointed CEO Shin Won-geun said, "I apologize to shareholders, crew members, and other stakeholders who must have been greatly disappointed," adding, "We will review all risks that may arise from the management's stock option exercises and stock sales, and strengthen responsible management to ensure that such incidents do not happen again."

Meanwhile, Ryu Young-jun, the current CEO of Kakao Pay who has been appointed as the CEO of Kakao, will exercise and sell all stock options held until the first half of this year to prevent any misunderstandings regarding conflicts of interest due to the move to the parent company. To minimize risks, he is reviewing various measures such as selling shares to institutions with long-term holding intentions and setting a lock-up period.

Kakao Pay CEO Ryu Young-jun said, "I apologize to everyone who felt uncomfortable due to the stock option exercises and sales by myself and other executives," and added, "This has been an opportunity to reconsider the weight and responsibility that should be borne as executives of a listed company, and I will do my best to enhance shareholder value going forward."

In addition, the meeting included discussions on future management plans following leadership changes. Kakao Pay plans to reorganize its organization centered on appointed CEO Shin Won-geun within this month to achieve a second phase of growth. Starting with this internal meeting, communication with various internal and external stakeholders will also be strengthened. Through this, the recently revamped asset management service based on MyData will be advanced into a user-customized financial asset and expenditure analysis service, and major business plans such as the launch of a stock MTS and the establishment of a digital non-life insurance company will be steadily pursued.

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