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Press Release

Kakao Restructures Corporate Alignment Council: Kim Beom-su and Chung Shin-Ah to Serve as Co-Chairs

- Kim Beom-su, Chairman of the Management Reform Committee, and CEO-designate Chung Shin-Ah to co-chair

- Committees on management reform and strategy to be formed under the co-chairs, focusing on enhanced expertise and accountability

- Kim Beom-su, co-chair and chairman of the Management Reform Committee, states, "A growth trajectory and management framework that resonate with societal expectations and trust are needed"

 

[January 2, 2024] Kakao declared the establishment of a revamped CA (Corporate Alignment) Council in a meeting held on January 2nd, attended by Kim Beom-su, Chair of the Management Reform Committee, along with CEOs of 13 affiliate companies. The CA Council serves as an independent body within the Kakao Group, tasked with coordinating internal interests and forging consensus.

 

This reformation sees the CA Council shifting from its prior autonomous management approach, with Kim Beom-su and CEO-nominee Chung Shin-Ah stepping in as co-chairs to spearhead Kakao's transformation.

 

The Council will feature several committees, including the Management Reform Committee, directly overseen by Chair Kim Beom-su, and a Strategy Committee tasked with assessing the KPIs and investments of each affiliate.

 

Each committee is set to unearth group-level agendas for discussion, offering guidance on strategic direction and policy. The chairperson, taking these recommendations into account, will guide and advise the affiliate companies, bearing responsibility for addressing and managing group-wide issues within the respective domain. Plans for the composition of these committees and the appointment of individual chairs are expected to be expedited following discussions.

 

CEOs from the 13 affiliated companies (including Kakao, Kakao Games, Kakao Mobility, Kakao Bank, Kakao Ventures, Kakao Brain, Kakao Style, Kakao Entertainment, Kakao Enterprise, Kakao Investment, Kakao Pay, Kakao Piccoma, Kakao Healthcare) can participate in up to three committees of their choice, alongside the mandatory Management Reform Committee.

 

Under the CA Council, a department will be established to support executive personnel at the group level, including CEOs of affiliated companies, and to operate the group council.

 

Over the next month, the CA Council aims to refine its operational teams, followed by initiating monthly group council meetings from February. These sessions are designed for the CA Council and the CEOs of key affiliates to directly deliberate and decide on pivotal issues.

 

Chairman Kim Beom-su of the CA Council and Management Reform Committee stressed the need for a growth path and management model in line with public expectations and trust, stating, "We will champion reforms across various sectors, including human resources, governance, brand, and corporate culture."

 

Chung Shin-Ah, co-chair of the CA Council and CEO-designate, emphasized the importance of CEO involvement in committees for a deeper understanding of the group’s decision-making processes. She asserted, "By moving beyond our previous loose and autonomous management style, we aim to enhance our cohesive strength." (End)

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