On June 22, at 9 a.m., Kakao Games convened the meeting at the Kakao AI Campus in Yongin, Gyeonggi Province, where it approved two agenda items: the appointment of directors and amendments to the articles of incorporation.
The meeting saw the approval of Kim Tae-hwan and Lee Si-woo as inside directors, Im Tae-seob as an outside director, and Seo Seok-ho as a non-executive director. Additionally, the amendments to the articles of incorporation, which reflect changes to the Commercial Act regarding treasury stock and add provisions related to the issuance limit of new shares, were also passed.
The newly appointed board members are expected to be elected as co-CEOs in a board meeting immediately following the general meeting. Kim Tae-hwan, one of the co-CEOs, has previously served as vice president at Nexon Korea and Line Games, gaining experience in both domestic and international gaming operations and global business development. Lee Si-woo, the other co-CEO, is a business expert who has led Kakao Games' mobile operations after working at NHN and Wemade.
This co-CEO structure marks the first organizational change following the completion of the major shareholder transition on June 19. Industry analysts believe that Kakao Games will focus on enhancing its competitiveness in new game releases and expanding its global business.
The new management's primary challenge will be to reverse the company's recent performance decline. Kakao Games has recorded losses for six consecutive quarters, making profitability recovery urgent. The company aims to rebound in the second half of the year through the launch of key new titles and strengthening its existing intellectual property (IP) portfolio. Market observers see the performance of upcoming major releases such as 'Chrono Odyssey,' 'ArcheAge Chronicle,' and 'Odin Q' as pivotal for future financial improvement.
During the general meeting, minority shareholders also raised demands for enhancing shareholder value. The Kakao Games Shareholder Alliance issued a statement calling for plans regarding the use and retirement of treasury shares, additional shareholder return policies, and the establishment of official communication channels with shareholders.
The alliance stated, "The change in major shareholders should not merely signify a shift in management control but should serve as a starting point for restoring shareholder value," urging clarity on plans for additional treasury stock buybacks and potential increases in quarterly dividends.
* This article has been translated by AI.
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