"Beyond Korea"... Kakao Namgung Hun's Ship Sets Sail

[Asia Economy Reporter Kang Nahum] Kakao's new leadership under Namgoong Hun has set sail. Kakao is reorganizing its business around future technologies such as the metaverse, expanding its stage globally under CEO Namgoong Hun.

On the morning of the 29th, at the shareholder meeting held at its headquarters in Jeju Island, Kakao appointed Namgoong as CEO and inside director. Additionally, Vice Chairman Hong Euntaek and Kim Seongsu, CEO (Vice Chairman) of Kakao Entertainment, were appointed as inside directors.

New CEO Namgoong will lead Kakao's growth by transforming the organization to facilitate global expansion of Kakao's services, together with founder Kim Beom-su, who stepped down from the chairman position of the board.

Kakao had previously set the core keywords for the next decade as 'Beyond Korea' and 'Beyond Mobile.' Beyond Korea refers to business expansion into overseas markets, while Beyond Mobile signifies new business directions such as the metaverse and Web 3.0. In this regard, CEO Namgoong stated in an internal announcement on the 14th, "The smartphone population based on Hangul is 50 million, which corresponds to 1% of the 5 billion smartphone users worldwide," adding, "Now Kakao must move from 1% to 99%. Kakao's growth is just beginning," expressing his commitment to global expansion.

Accordingly, Kakao's major affiliates will also strengthen their overseas market strategies in line with the 'Beyond Korea' direction. Kakao Entertainment, currently targeting North America, ASEAN, Greater China, India, and Europe through various platforms such as Kakao Webtoon, Tapas, Radish, and Usia World, plans to triple its global transaction volume by 2024.

Vice Chairmen Hong and Kim, appointed as inside directors on this day, will be responsible for Kakao's community business overall and social contribution activities, respectively. In particular, the CAC, led by these two inside directors, is expected to gain more influence. CAC is a comprehensive organization that mediates internal and external disputes of Kakao headquarters and affiliates and executes social contribution plans.

Meanwhile, former Kakao CEO Yeo Minsu, who led Kakao for four years, delivered his final remarks at the shareholder meeting. He said, "I will support CEO Namgoong Hun in creating the future-oriented innovation that our society expects from Kakao," and added, "I would like to once again thank all the shareholders who always trust and support Kakao."

At this shareholder meeting, in addition to the appointment of CEO and inside directors, eight agenda items were approved as originally proposed: ▲approval of the 27th consolidated and separate financial statements ▲partial amendment of the articles of incorporation ▲approval of the director remuneration limit ▲approval of stock options granted as previously resolved by the board ▲cancellation of treasury shares ▲revision of director retirement pay regulations ▲approval of stock option grants, among others.

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