[THE INVESTOR] Kakao Chief Strategy Officer Park Sung-hoon is joining the nation’s largest mobile game maker Netmarble Games as CEO, according to industry sources on Feb. 26.
Park will serve as co-CEO along with the current CEO Kwon Young-sik. His appointment will be voted at a shareholders meeting in March.
Park, former Loen Entertainment CEO, joined Kakao in 2015 and led several deals, including the 1.87 trillion won (US$1.74 billion) acquisition of Loen, the operator of music-streaming service Melon in 2016, along with its recent US$1 billion funding through its first global depositary receipts. Prior to that, he also worked at consulting firms like Bain and Boston Consulting Group and CJ Group.
The CSO’s departure comes as Kakao is expected to carry out a drastic executive reshuffle under new CEOs. In January, the firm named Yeo Min-soo, executive vice president of marketing, and Chief Creative Officer Joh Su-yong as new co-CEOs to replace the incumbent Rim Ji-hoon. Kakao Mobility Director Park Jong-hwan, founder of the navigation app Kimgisa that was acquired by Kakao in 2015, also plans to leave the firm before his three-year contract expires in May.
By Lee Ji-yoon (firstname.lastname@example.org)