Kakao Pay shares up for 2 consecutive days after scandalous CEO's exit news

Kakao Pay Corp. shares rose for two consecutive trading days on Friday after Kakao Pay CEO Ryu Young-joon on Thursday offered to step down from CEO to take responsibility for the massive selloffs of 87.8 billion won ($73.6 million) worth stock options by himself and other executives just a month after the company IPO. The company CFO and CBO will also resign, while the other five executives including its CSO, who also offered to resign after profit-taking, are ordered to stay until they win confidence vote for their involvement in the scandal while buying back the company shares. Kakao Pay shares added 6.62% to close at 145,000 won on Friday after gaining 6.25% on Thursday. Its shares had plunged since the serious moral hazard issue at its management level.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]