Netmarble Appoints Kim Byung-kyu as Co-CEO at General Meeting of Shareholders: "This Will Be the Year of Turnaround"

Netmarble Headquarters, Guro-gu, Seoul. Photo by Jinhyung Kang aymsdream@

Netmarble has established a new dual CEO management system led by Kwon Young-sik and Kim Byung-kyu.

On the 8th, Netmarble held its regular shareholders' meeting at the G-Tower Convention Hall in Guro-gu, Seoul, and approved the agenda to appoint Vice President Kim Byung-kyu, head of business planning, as an inside director. Following this, Kim was appointed as a co-CEO through a board resolution.

Co-CEO Kim, born in 1974, graduated from Seoul National University with a degree in law. After working at Samsung C&T Corporation, he joined Netmarble in 2015. He has been responsible for various tasks across the company, including strategic planning, legal affairs, policy, and management of overseas affiliates, earning a reputation within the company as a 'strategic planning expert.'

The company stated, "We expect Kim Byung-kyu, a CEO in his 40s with expertise not only in legal affairs but also in managing overseas affiliates and strategic planning, to contribute positively to the company's new changes and growth."

At the shareholders' meeting, all four agenda items were approved, including the approval of the 13th fiscal year financial statements, partial amendments to the articles of incorporation, appointment of directors, and approval of the director remuneration limit. Netmarble recorded consolidated sales of 2.5021 trillion KRW, an operating loss of 68.5 billion KRW, and a net loss of 303.9 billion KRW last year.

Co-CEO Kwon Young-sik said on the day, "I deeply feel responsible for disappointing and worrying our shareholders due to poor performance caused by the global economic downturn and delays in the release of anticipated titles."

He added, "Through cost efficiency and strengthening management fundamentals, we have succeeded in turning a profit after eight consecutive quarters of losses. All employees are making their best efforts to make 2024 the turnaround year for Netmarble. We will swiftly introduce major anticipated titles such as 'Solo Leveling: Arise,' 'Arthdal Chronicles: The Three Powers,' and 'Raven 2,' and focus all efforts on achieving hit new releases and external growth."

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