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“Still, someone should have stopped it” … Only the ants sighed in various bad news such as destruction and eating controversy [방영덕의 디테일]

picture explanationFrom left, Shinsegae Vice Chairman Jung Yong-jin and Kakao Pay CEO Ryu Young-joon

[방영덕의 디테일] “It was essentially a matter of violating freedom of expression,” the protest said. Regarding Shinsegae Vice Chairman Jeong Yong-jin’s ‘controversy over annihilation (destroying the powers of communism)’.

I heard that “I am the CEO of Kakao, and if I keep the Kakao Pay stock option as it is, there is a risk of a conflict of interest. The burden of capital gains tax is also large.” It was an explanation from a person who was well aware of the internal situation regarding the simultaneous sale of stocks by Kakao Pay management, including CEO Young-Jun Ryu.

Despite these protests and explanations, it was a week where ant investors were choking on owner risk and CEO risk, and even felt a sense of betrayal.

Shinsegae Vice Chairman Chung’s claim of destruction and Kakao Pay management’s massive sale of Kakao Pay shares within a month or so of listing are different issues. However, criticism from ant investors that “someone should have stopped, though” stabs both companies.

[사진출처 : 정용진 신세계 부회장 인스타그램]

picture explanation[사진출처 : 정용진 신세계 부회장 인스타그램]

It was in November of last year that Vice Chairman Chung started posting related posts on his personal Instagram. He posted a photo of him holding a red wallet in his hand on Instagram and tagged ‘#I hate the Communist Party’, which caused an unexpected wave. In various online communities, arguing began to arise, giving rise to interpretations of ‘writing to attack the Democratic Party’ or ‘criticizing the current government’s pro-China policy’.

Despite unnecessary political interpretations, Vice Chairman Chung has been more active since then, saying ‘I hate the Communist Party’ and ‘Destruction’. “Let’s not fight side by side, let’s all shout annihilation together”, “We will survive to the end #destruction!” etc.

Starting in January of this year, as many of you know, a presidential candidate joined Vice Chairman Chung’s remarks about annihilation, and he was literally in the middle of a political controversy. There were even signs of a boycott of Shinsegae.

Shinsegae stock also fluctuated when the controversy over the destruction of Vice Chairman Chung reached its peak. On the 10th, Shinsegae stock fell 6.80% in one day and closed at 233,000 won. In just one day, the market capitalization evaporated from 2.46 trillion won to 2.29 trillion won, 168.4 billion won.

Affiliate stocks were also on the decline. Shinsegae Food fell 2.13% from the previous trading day, Shinsegae I&C fell 3.16%, and Shinsegae International fell 5.34%, down to 132,500 won during the day, hitting a 52-week low.

Even the owner can express various opinions, including politics, on personal social networking service (SNS). It is not an offense in itself. However, there is a ‘duty of fidelity’ in the commercial law for management. It means that you have to be faithful to your job for the sake of the company and for the benefit of the company.

[사진출처 : 카카오페이]

picture explanation[사진출처 : 카카오페이]

In terms of this duty of fidelity, it is pointed out that sanctions should be properly sanctioned when acts that negatively affect the company image or the stock price are repeated. yes). Through the board of directors, etc., which should play a role of monitoring and checking the heads of chaebols.

The same goes for Kakao Pay. At the end of last year, 8 executives of the company, including KakaoPay CEO Ryu Young-joon, exercised stock options (stock purchase rights) and cashed out about 90 billion won. It has been a month since Kakao Pay was listed.

On the day Kakao Pay was included in the KOSPI 200 index, 8 executives who knew the company best realized a profit. The executives who sold stocks by surprise by taking advantage of the good news were immediately caught up in the ‘eat-and-run controversy’. The stock prices of Kakao and Kakao Pay plummeted, and the damage was passed on to minority shareholders.

Usually, when the management sells the stock, the stock price of the company is read to investors as a signal that ‘now is the peak’ or that the company has no future. As a result, the management of Kakao Pay chose ‘collective action’, even though it was obvious that the stock price would fall. There doesn’t seem to be any brakes within the company that would hold back their decision.

[사진출처 : 카카오페이]

picture explanation[사진출처 : 카카오페이]

On the 13th, Vice Chairman Shinsegae Chung finally apologized for the annihilation controversy, saying, “If anyone has been hurt by my freedom, it is entirely my lack.” The E-Mart union’s statement statement, “I am concerned that the word owner risk is coming out at the same time even in noise marketing,” seems to have had an impact.

However, it is an ongoing process that the entire Shinsegae Group is heartbroken by the actions of Vice Chairman Chung, a heavy SNS user.

Kakao Pay CEO Ryu Young-joon, who made a profit of 40 billion won through the stock option exercise, was appointed as the co-CEO of Kakao, but resigned after being unable to overcome social criticism. Nevertheless, sarcastic voices from the younger generation are heard saying, “I will quit earning that much profit in the market.” Kakao’s image as an information technology (IT) innovative company fell in an instant, and even anti-Kakao sentiment became a concern.

There is no single word from the owner or the decision of the management that does not significantly affect the management activities that lead the company.

[방영덕 매경닷컴 기자]
[ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]

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