Kakao founder Kim Beom-soo is stepping down as co-chair of the CA Council. Accordingly, the CA Council will transition to a system with Jeong Sin-ah as the sole chair.
The CA Council is an independent body formed in January of last year, with founder Kim Beom-soo and representative Jeong Sin-ah serving as co-chairs. It was established to coordinate interests within the group and form consensus. It was launched following the controversy over Kakao's impact on local businesses and the sale of Kakao Pay stocks by some executives in 2022.
On the 13th, a Kakao official said, "Founder Kim Beom-soo has recently been diagnosed with early-stage bladder cancer and needs to focus on treatment, including surgery and hospitalization, for the time being," adding, "Since Jeong Sin-ah is already leading the group's overall affairs, there will not be significant changes in management. "
Founder Kim plans to continue serving as the head of the Future Initiative Center, where he develops the group's vision and future strategy. This is to enable faster decision-making and execution in a rapidly changing domestic and international business environment. The health issues requiring concentrated treatment for Kim were also taken into account.
Founder Kim will also conclude the activities of the Management Innovation Committee, which has been temporarily operated since November 2023. The committee has established the basic framework for group reform through the establishment of the Compliance and Trust Committee, personnel reform, governance restructuring, and more. The subsequent tasks will continue to be pursued by the Strategy Committee, Management Responsibility Committee, ESG Committee, and Brand Communication Committee, which include the CEOs of major affiliates.
Founder Kim was arrested in July last year on charges of manipulating SM Entertainment's stock price and was released on bail in October. He is accused of directing and conspiring to manipulate the share price during Kakao's acquisition of SM Entertainment. Since his release on bail, Kim has not returned to public management and has been under investigation regarding the related charges.