Shin Won-geun, CEO of Kakao Pay, Purchases 15,000 Company Shares Worth 1.2 Billion KRW

Shin Won-geun, CEO of Kakao Pay

[Asia Economy Reporter Buaeri] Shin Won-geun, CEO of Kakao Pay, announced on the 16th that he purchased 15,000 shares of the company.

The scale of Shin's stock purchase is approximately 1.2 billion KRW. Shin plans to use all the profits from stock sales made at the end of last year to buy company shares every quarter until the end of this year. Four other executives will also purchase company shares within this month.

Previously, former Kakao Pay CEO Ryu Young-jun and Shin were criticized for mass selling Kakao Pay shares acquired through stock options in December last year along with other executives.

Shin plans to return all profits gained from the difference between the purchase price of the shares this time and the future selling price for the sake of company growth and public interest. Specific measures will be decided through the "Trust Recovery Council."

Earlier, he also declared that he would receive only the minimum wage without salary or incentives until the company's stock price reaches 200,000 KRW.

Kakao Pay stated, "The stock purchases by CEO Shin and the leaders express their commitment to responsible management and assure investors, users, and internal members of the company's continuous growth." They added, "We will do our best to prove growth by smoothly carrying out planned projects and enhancing shareholder value."

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