Kakao Bank held its annual general meeting on Thursday, during which shareholders approved the appointment of Kim Geon-soo as deputy chief executive and a 219.2 billion won ($145.5 million) cash dividend.
Kim joins from Korea Investment & Securities, Kakao Bank's second-largest shareholder, which shares control of the lender with top shareholder Kakao. Both hold 27.16 percent stakes, with Kakao ahead by one share.
At Korea Investment & Securities, Kim held senior roles in product strategy and wealth management strategy before serving as head of management administration at parent Korea Investment Holdings.
As a coinvestor in the internet-only bank since its 2017 launch, Korea Investment & Securities has long maintained its presence at Kakao Bank through the deputy CEO position. Previous deputy CEO Kim Kwang-ok returned to the brokerage earlier this year to head its investment banking group.
Shareholders also approved a cash dividend of 219.2 billion won, with the year-end dividend set at 460 won per share. The payout was up 28 percent from a year earlier, bringing the total shareholder return ratio to 45.6 percent.
At the meeting, CEO Yun Ho-young said, “We will continue to pursue shareholder policies that actively share the gains from the company’s growth, ensuring that solid business performance translates into higher shareholder value."
By Choi Ji-won (jwc@heraldcorp.com)
