Kakao Mobility proposes to reappoint its CEO

Chief Executive Officer Ryu Gung-seon. [Courtesy of Kakao Mobility Corp.]

Kakao Mobility Corp. operator of South Korea‘s leading taxi-hailing service, has proposed the reappointment of its Chief Executive Officer Ryu Gung-seon to its shareholders, who will meet later this month for a meeting.

According to information technology (IT) industry sources on Tuesday, Kakao Mobility sent a notice to shareholders containing the agenda and informed them of a meeting on March 27.

The decision on Ryu’s reappointment will be made at the meeting. If the reappointment proposal is approved by the shareholders, the board of directors will immediately meet to make a decision.

“We understand that Kakao had looked for a new CEO for Kakao Mobility, but it was unable to find a suitable candidate,” said an industry insider.

“The company seems to have decided to retain him considering his demonstrated capabilities and leadership.”

The Financial Supervisory Service, in the meantime, had imposed the highest level of sanctions on Kakao Mobility last month for its alleged inflation of sales, recommending the company to remove the CEO.