The president of Kakaoventures named new boss of Kakao

Kakao Corp., the operator of the country’s main mobile messaging service KakaoTalk, on Wednesday appointed Chung Shin-a, the current president of Kakaoventures Corp., as its head.

Chung, 48, will replace current CEO Hong Eun-taek once she receives approval from the board and shareholders at the general meeting scheduled for March next year , according to the company. Kakao said Chung’s expertise and experiences in the ICT industry will lead the company’s further transformation.

Kakao has recently sought to restructure to strengthen its ethical management amid public criticism over allegations of stock manipulation involving executives and alleged monopolistic practices.

Last month, the Financial Supervision Service (FSS) referred Kakao founder Kim Beom-su and CEO Hong to the prosecution over allegations of manipulating the stock price of production house SM Entertainment in connection with a takeover war against Hybe, the parent company of K-pop agency BigHit Music.

The company is also at the center of criticism after Chairman Yoon Suk Yeol expressed concerns over the dominance of Kakao Mobility Corp., a subsidiary of Kakao offering a taxi hailing service, in the market in question.

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