Kakao Ent. poised to appoint next co-CEOs on Mar. 27

[Courtesy of Kakao Entertainment Corp.]

Kakao Entertainment Corp., the entertainment subsidiary of internet group Kakao Corp, will appoint new co-chief executives at an upcoming shareholder meeting on March 27th, 2024, as its legal challenges over its alleged involvement in stock manipulation continues.

According to sources familiar with the tech industry on Wednesday, the entertainment company will appoint co-CEOs and a director of the Corporate Alignment (CA) Council, along with a vote on proposals to change the terms of stock option contracts.

Incumbent Chief Operating Officer (COO) Kwon Ki-soo and Global Strategy Officer (GSO) Jang Woon-jung will be nominated as the next leaders of the entertainment company during the meeting. They will take office as co-CEOs once the board of directors approves the move.

The appointment of co-CEOs is an unprecedented departure from the leadership of founding executives Kim Sung-soo and Lee Jin-soo, both of whom had run Kakao Entertainment as separate executives since the company was formed in 2021.

The list of agendas for the meeting includes revising the terms and conditions of stock options granted by the company to its employees and executives.