South Korean internet giant Kakao has announced the appointment of Shina Chung, the former head of the company’s venture arm, as its new CEO. This move comes as Kakao faces multiple investigations related to antitrust and securities violations, and aims to navigate through a challenging period.
Key Takeaway
Shina Chung’s appointment as the new CEO of Kakao reflects the company’s commitment to addressing its ongoing challenges and implementing essential reforms. As Kakao navigates through legal and regulatory issues, Chung’s leadership will be crucial in shaping the company’s future.
Chung’s Appointment and Vision
Chung is set to assume the role of CEO following the company’s next board and shareholders’ meeting in March, making her the first female CEO in Kakao’s history. Her appointment is seen as a signal of the company’s commitment to urgent reform and proactive management. In her statement, Chung expressed her determination to meet the expectations and standards of society and emphasized the need for change within Kakao.
Ongoing Legal Challenges
Kakao, known for its popular superapp, has been facing legal scrutiny, including the arrest of its chief investment officer over stock price manipulation allegations. Additionally, its taxi-hailing unit, Kakao Mobility, has been under investigation for alleged monopolistic practices. These challenges have raised concerns and led to regulatory actions against the company.
Chung’s Background and Task Ahead
Prior to her new role, Chung has held positions at Boston Consulting Group, eBay Asia, and Naver, bringing a wealth of experience to her new leadership role. With Kakao’s diverse portfolio of services and global ambitions, Chung faces a significant challenge in steering the company through these turbulent times.
