'Muk-twi Controversy' Ryu Young-jun, Former Kakao Pay CEO, Still Employed at Company
Serving as a Paid Advisor
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[Asia Economy Reporter Eunmo Koo] It has been confirmed that Ryu Young-jun, the former CEO who sparked controversy for 'eoljuka' by selling a large amount of shares just one month after Kakao Pay's listing and resigned earlier this year, is currently serving as a paid advisor at the company.
According to the industry on the 4th, former CEO Ryu was appointed as a non-executive advisor of Kakao Pay under Kakao's community CEO retirement program.
Former CEO Ryu was nominated as Kakao's new co-CEO on November 25 last year, but on December 10, he sold 90 billion KRW worth of Kakao Pay shares through a block deal along with Kakao Pay executives, personally cashing out about 46.9 billion KRW, which triggered controversy. At that time, it had been about a month since Kakao Pay was listed.
As the controversy continued, former CEO Ryu stepped down from his nominee status on January 10 this year and resigned as Kakao Pay CEO on January 20, about two months before the end of his term.
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Kakao explained the background of Ryu's appointment as an advisor, stating, "It is to protect trade secrets by preventing the former CEO from moving to a competing company and to maintain management stability through smooth business handover. The CEO retirement program is operated in accordance with the common procedures of many companies and is applied equally to major community CEOs."
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