Kakao Pay CEO Ryu Young-jun and Executives Resign... "Future Leadership Structure to Be Discussed"

[Asia Economy Reporter Lee Jung-yoon] Kakao Pay announced on the 20th that CEO Ryu Young-jun, Vice President of Corporate Planning CFO Jang Ki-ju, and Vice President of Business Operations CBO Lee Jin have decided to resign in the near future.

Kakao Pay stated, "They will work only for the period necessary to minimize management gaps," and added, "The company will quickly hold a board meeting to discuss the future leadership structure."

Earlier, eight Kakao Pay executives, including CEO Ryu and the next designated CEO Shin Won-geun, Vice President of Strategy CSO, cashed out 87.8 billion KRW by exercising stock options and selling the shares about a month after the company's listing on the 10th of last month.

Ryu, who was designated as the next co-CEO of Kakao, stepped down from the nominee position due to this controversy but retained his position as Kakao Pay CEO until March this year. According to Kakao Pay, the eight executives who sold large amounts of shares recently expressed their intention to resign to the Kakao Community Alignment Center (CAC).

The CAC accepted the resignations of three people, including CEO Ryu, but recommended that five others, including the next designated CEO Shin, remain with the company to manage the situation and regain trust.

Furthermore, the five executives staying at Kakao Pay decided to repurchase the shares they sold to strengthen responsible management. The company added that it will review insider trading prevention regulations and create specific measures.

The designated CEO Shin stated that he will use all the profits gained from exercising the stock options to purchase company shares and will not sell them during his term as CEO.

Kakao Pay announced that the reappointment of these five executives will be decided by the newly formed board of directors. Kakao Pay also plans to create a consultative body with the crew (employees) to restore trust and will form the new board through discussions with this consultative body.

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