Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.
In the wake of the recent arrest of its founder, Kim Beom-su, Kakao, the operator of Korea’s leading mobile messenger, has announced the formation of an emergency management system. The move aims to address the leadership vacuum and ensure the continuity of the company’s operations and reform initiatives.
Kim Beom-su, who played a central role in Kakao’s rise to prominence, was arrested earlier this week on allegations of stock manipulation. The charges relate to his suspected involvement in influencing the stock price of K-pop giant SM Entertainment during a heated bidding war last year, which Kakao eventually won against parent company Hybe. BTS’s management agency, BigHit.
In response to Kim’s arrest, Kakao convened a Group meeting on Thursday to establish a new management structure. Under this system, CEO Chung Shin-a will act as the acting head of the management reform committee, which operates under Kakao’s corporate alignment council. This council includes representatives from 13 Kakao affiliates, ensuring a broad and coordinated approach to managing the company.
The management reform committee, initially established in November of the previous year, was created to address growing criticism over alleged stock manipulation by company executives and monopolistic practices within Kakao’s mobility links. Kim Beom-su had been at the helm of this committee, driving efforts to rectify these issues.
Despite the turmoil, Kakao has emphasized its commitment to continue its reform measures and pursue strategic business plans aimed at securing future growth. A key area of ​​focus for the company is the development and expansion of artificial intelligence services, which Kakao considers essential for maintaining its competitive advantage in the technology sector.
The formation of the emergency management system is considered an essential step to stabilize Kakao during this challenging period. By appointing a respected and experienced executive like Chung Shin-a to lead the management reform committee, Kakao aims to reassure stakeholders and maintain operational continuity.
Kakao’s quick response to the leadership crisis highlights its resilience and determination to uphold its business objectives and ethical standards. As the company navigates this period of uncertainty, its proactive measures in governance and reform are expected to play a vital role in maintaining investor confidence and driving future growth.
This development marks a significant moment for Kakao, as it tries to overcome the challenges posed by the arrest of its founder and continue its trajectory as a leading player in the global technology landscape.
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(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
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