Yeo Min-soo and Ryu Young-joon were appointed as new CEOs to lead Kakao from next year.
CEO Jo Su-yong expressed his intention not to be reappointed, and Kakao Pay CEO Ryu Young-joon was appointed in his place.
The two CEOs expressed their ambition to do their best so that Kakao can fulfill its social responsibilities and achieve sustainable growth in the future.
Kakao announced on the 25th that it had held a board meeting and appointed Min-soo Yeo, the current CEO of Kakao, and Young-jun Ryu, the current CEO of Kakao Pay, as co-presidents. The two representatives will be appointed as official representatives through a general meeting of shareholders and the board of directors scheduled for March next year.
CEO Min-soo Yeo was appointed as CEO in March 2018 and has been leading the growth of Kakao. After the appointment of the CEO, he introduced the Biz Board to aggressively promote business and contribute to achieving maximum sales. In the case of KakaoTalk, a core service, it has pursued many improvements and changes, such as upgrading the service with a focus on expanding meaningful relationships beyond simple connection, and launching a wallet that allows users to easily and safely verify their identity on mobile.
Young-jun Ryu, nominee for CEO, joined Kakao in 2011 as a developer and led the development of voice talk. He succeeded in Kakao Pay, a simple payment service, and set an important milestone in expanding the techfin industry, which was unfamiliar to Korea.
Since January 2017, as the representative of KakaoPay, an independent corporation, he has developed a ‘walletless society’ with innovative lifestyle financial services that solve the existing inconveniences from online and offline payment, remittance, membership, billing, authentication, loan, investment, and insurance. ‘, and recently successfully led Kakao Pay’s IPO. In addition, he has contributed greatly to the development of the techfin ecosystem by serving as the president of the Korea Fintech Industry Association.
As CEO Jo Su-yong announced that he had no intention of reappointing after the expiration of his term next year, Kakao began to contemplate a new leadership, and CEO Min-soo Yeo, who has led Kakao stably, was judged to be the right person to take responsibility for resolving the social problems promised by the Kakao community this year. I decided to reenact. It was also highly evaluated that Kakao achieved remarkable growth based on its expertise in the business area.
The fact that Ryu Young-jun, the nominee for CEO, joined Kakao in the early days of Kakao, had a high level of understanding of Kakao’s corporate culture and services such as Kakao Talk, commerce, and Techpin. In particular, it is expected that Kakao will be able to lead Kakao’s global leap by utilizing its original DNA as an innovative company in that it successfully led Kakao Pay by continuously taking on new challenges without being complacent in planning and business, starting as a developer.
As Kakao Pay CEO Ryu Young-joon has been appointed as Kakao CEO, Kakao Pay CEO Shin Won-geun will also change to Kakao Pay’s executive vice president (CSO).
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CEO Yeo Min-soo said, “I will do my best on the journey of Kakao as an innovative company to create a better society, knowing that it means to fulfill the promises made by Kakao to society responsibly this year.”
Ryu Young-joon, nominee for CEO, said, “As this is an important time in the development of Kakao’s ‘next decade’ with the task of growing socially responsible, I feel a heavy sense of responsibility and at the same time, I am excited about new challenges.” “A better world created by technology and people.” We will do our best so that the company can grow bigger based on Kakao’s core DNA of ‘challenge’ while keeping the vision of ‘challenge’.”
