Namgung Hun "I will accept minimum wage until Kakao stock reaches 150,000 won"... Expresses commitment to responsible management

[Asia Economy Reporter Seungjin Lee] Namgung Hoon, the designated CEO of Kakao, declared on the 10th that he will only receive the minimum wage until Kakao's stock price reaches 150,000 won. This appears to be an effort to take responsibility and manage the situation after Kakao's stock price plummeted due to controversies over Kakao Pay executives exercising stock options.

In a post on Facebook that day, Namgung said, "I discussed with Brian (Kim Beom-su, Chairman of the Board) a way to put more heart and will into Kakao, and we set the primary goal of restoring Kakao's stock price to 150,000 won." He added, "Until the stock price reaches 150,000 won, I will suspend all salary and incentive payments and will only receive the legal minimum wage until that day."

He explained, "I requested that if stock options are granted to the CEO, the exercise price should not be set below 150,000 won." He continued, "Of course, stock prices do not explain everything, but setting and sharing my will and goals with a clear and simple standard seems appropriate."

Namgung stated, "During my term, compensation will be linked to the stock price, creating a structure together with the crew (employees)." He urged, "Your help and support are truly needed."

He emphasized, "As the CEO of Kakao, I will put myself in a do-or-die situation and do my best to make Kakao a company loved again by society, shareholders, and the crew."

Namgung's recent 'promise' is interpreted as an expression of responsibility and an effort to regain trust lost due to Kakao Pay executives exercising stock options. Notably, during his tenure as CEO of CJ Internet and Wemade, he practiced responsible management through purchasing company shares, making this move more noteworthy.

While serving as Wemade's CEO, he additionally acquired 3,150 shares of company stock through on-market purchases. Despite the acquisition price rising by more than 25%, he demonstrated strong commitment to responsible management through continuous additional stock purchases.

Meanwhile, Namgung has been dedicated to future businesses such as non-fungible tokens (NFTs) and the metaverse while serving as co-CEO of Kakao Games. In November last year, he moved to become the head of Kakao's Future Initiative Center. The Future Initiative Center is an organization preparing for Kakao Group's future and functions as the Future Strategy Promotion Office. Kakao plans to leverage Namgung's expertise, which helped grow Kakao Games, to pursue a new leap forward for Kakao.

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