Kakao CEO-elect pledges timely changes

Chung Shin-a, newly appointed as the Kakao CEO [Photo by Yonhap]

Chung Shin-a, newly appointed as the leader tasked with steering South Korean platform giant Kakao Corp. out of its crisis, expressed her determination to initiate a timely transformation, emphasizing that the company “does not have much time.”

“I will do my best to seize the moment within the limited time,” Chung, the current Kakao Ventures Corp. Chief Executive Officer, told journalists shortly after Kakao’s 8th emergency management meeting that took place on Monday in Seongnam, Gyeonggi Province.

Chung also added that she will meet and listen to her team, starting with the innovation task force. She plans to engage with employees in small groups and will also meet with Kakao founder Kim Beom-su.

Chung will officially be appointed as the Kakao CEO after the upcoming board of directors and shareholders’ meeting scheduled for March 2024, and is set to become the company’s first female CEO. Once the official appointment takes place, both major platforms in the country will have female CEOs in their 40s at the helm, with CEO Choi Soo-yeon heading Naver Corp. since March 2022.

Chung is highly regarded for her extensive history in the information technology (IT) industry, specializing in creating future growth momentum.

On the same day, Kakao Mobility Corp. CEO Ryu Gung-seon also spoke before journalists alongside Chung, expressing his commitment to improving the reputation of the Kakao Taxi service.

Last week, Kakao Mobility agreed to a restructuring plan to launch a new service, reducing the commission rate for affiliated taxis to 2.8 percent from the current over-3 percent, in collaboration with four taxi associations and affiliated taxi industry groups in 14 regions nationwide.