'Sale Dispute' Kakao to Hold Online Meeting with All Mobility Employees on the 18th

On the 11th, the Kakao Community Union Crew Union held a press conference regarding the sale of Kakao Mobility at Sangyeonjae, Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Seungjin Lee] Kakao management will hold an online meeting with all Kakao Mobility employees on the 18th to clarify their position on the sale rumors.

Last month, conflict arose between labor and management after it was revealed that Kakao, the major shareholder of Kakao Mobility, planned to sell its stake in Kakao Mobility to the private equity firm MBK Partners.

Currently, Kakao holds 57.5% of Kakao Mobility shares, the global private equity consortium TPG holds 24%, and Carlyle holds 6.2%. On the 7th, Kakao announced that it is considering selling a 10% stake to MBK Partners, the largest private equity firm in Korea, thereby becoming the second-largest shareholder.

In response, when the Kakao labor union announced collective action, Kakao executives including Kim Seongsu, head of the Kakao Community Alignment Center (CAC), held two meetings with the union, but the labor-management conflict deepened.

After the second meeting with Kakao management, the union held a press conference stating, "Kakao Mobility being at the center of social conflict is not inevitable but a result of managerial misjudgment," and added, "There was insufficient social consensus on controversial policy decisions such as charging for pro services and increasing smart call fees."

The union further argued, "Kakao Mobility is the number one mobility platform company and there are no financial flow issues," and "Negotiations are currently underway with the designated driver industry, so the sudden sale of Kakao Mobility is not a natural business progression."

They also questioned, "Kakao says it is a 'share adjustment' rather than a 'sale,' but if changing the major shareholder to a private equity firm and transferring management rights is not called a sale, then what should it be called?"

Meanwhile, it is known that only some CAC executives will attend the online meeting on the 18th. CEO Namgung Hoon and newly appointed CEO Hong Euntaek are also expected not to attend. Previously, the union proposed that founder Kim Beom-su and others participate in discussions regarding the sale.

On the 14th, Kakao appointed Hong Euntaek, co-head of the Community Alignment Center, as a new co-CEO, transitioning to a dual CEO system just four months after Namgung Hoon's appointment.

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