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Games & Commerce

Kakao Games eyes turnaround with management shake-up and new game push ahead of new top shareholder

Kakao Games is moving to replace its management ahead of a change in its largest shareholder from Kakao to an investment vehicle funded by Line Yahoo. The company plans to appoint two internal directors who are expected to become co-CEOs and to name a non-executive director from Petrico Partners. It also outlined five new game releases from the third quarter through year-end as it seeks a turnaround after six consecutive quarterly losses.

Games & Commerce

Kakao Games likely to adopt co-CEO system with Kim Taehwan and Lee Siwoo; extraordinary meeting set for June 22

Kakao Games plans to hold an extraordinary shareholders meeting later this month to reshuffle its board. Kim Taehwan, a vice president at LINE Games, and Lee Siwoo, the company’s chief business officer, were nominated as inside directors and could take up posts as co-CEOs after appointment. The board changes are conditional on completion of a deal that would make LAAA Investment, funded by Line Yahoo, the company’s largest shareholder.

Finance

KakaoBank teams up with Seoul to expand financial education for youth

KakaoBank will work with the Seoul city government to expand financial education for teenagers, linking basic everyday finance lessons with training to prevent financial fraud and a finance idea contest. Seoul will run an economy and finance academy from May to September for about 360 youths at 21 municipal youth centers. Additional programs from July will target vulnerable youths, including anti-scam education and one-on-one financial mentoring.