Kakao announced on the 25th that Yeo Min Soo joint CEO of Kakao and Ryu Young Joon CEO of Kakao Pay are nominated as new joint CEOs at a board meeting which was held in the afternoon. The two nominees will be officially appointed through a general meeting of stockholders and a board meeting scheduled to be held in March.
Yeo Min Soo was appointed as CEO in March 2018 and his appointment was scheduled to come to an end in March next year but the board of directors decided that he should serve two consecutive terms. Yeo contributed to hitting a record high sales of the group by introducing Bizboard, an advertising business model for Kakao talk and Kakao page. He also led launching of new services such as “wallet” a function where mobile verification is possible.
As Cho Soo-yong current joint CEO of Kakao had said that he no longer wants to serve the following term after his term comes to an end in March next year, Kakao has chosen Ryu Young Joon CEO of Kakao Pay as the group leader.
Ryu was born in 1977, graduated from Konkuk University with a degree in computer science and received a master’s degree in information technology from the same school. He joined Kakao in 2011 as a developer and led the development of Voice talk. Laster he served as head of payment division and vice president of fintech division and was appointed as CEO of Kakao pay which was launched as an independent corporation in January 2017.
He brought Kakao pay business, South Korea’s first easy payment service a success. Recently, he has led IPO of the company through business expansion of payment, wire transfer, membership, bill, verification, loan, investment and insurance. He is also serving as president of the Korea Fintech Industry Association.
Yeo said, “I would understand that my nomination means Kakao should keep its promises that it make with society this year and I would do my part as faithfully as I can in Kakao’s journey to better society as an innovative company.”
Ryu said, “at a time when Kakao is preparing for the “next 10 years” with a task of social corporate responsibility, I feel deep responsibility but at the same time I am looking forward to new challenges. I would do the best I can to grow company based on the core DNA called “challenge” of Kakao.”