April 25, 2024

• 

[THE INVESTOR] Korean internet giant Kakao announced on Jan. 24 that it has appointed new heads to lead its global expansion.

Kakao named Advertising Vice President Yeo Min-soo and Brand Design Vice President Joh Su-yong as new Co-CEOs to replace the incumbent Rim Ji-hoon.

Rim Ji-hoon, 37, who took over the reins of Korea’s largest mobile messenger operator in August 2015 has decided to step down as the company gears up for global expansion.

“Kakao has completed restructuring for sustainable growth and secured the basis for stable profits,” said an official. “Against this backdrop, Rim decided to step down and make way for a new leadership that will lead the company to bigger growth.” 
 

Kakao's newly-appointed co-CEOs Yeo Min-soo (left) and Jo Soo-yong

The company is set to secure US$1 billion by listing global depositary receipts in Singapore next month. It plans to use the proceeds to acquire companies with advanced technologies such as artificial intelligence and high-quality contents such as music and games.

Rim will remain as an advisor for the company.

The appointment is subject to the approval of shareholders and board of directors in March.

KOSPI-listed Kakao is expected to record 1.96 trillion won (US$1.82 billion) in sales and 144.9 billion won revenue in 2017, up 34 percent and 121 percent, respectively, from the previous year.

Shares in Kakao declined 1.1 percent to close at 135,000 won on Jan. 24.

By Park Ga-young (gypark@heraldcorp.com)