Coinone announced on the 19th that it will transition from a joint leadership structure under co-CEOs Cha Myung-hoon and Lee Seong-hyun to a single management format led by Lee Seong-hyun. The decision was made to conclude the co-CEO system after Lee resigned from the CEO position during a recent board meeting.
Lee Seong-hyun joined Coinone as Chief Operating Officer (COO) in January of this year and was appointed as co-CEO in February. As the sole CEO moving forward, he will oversee the development of management strategies and overall business operations, leading the company's continuous growth.
Cha Myung-hoon, who has led Coinone for 11 years, plans to step down from the co-CEO position and focus on the role of board chairman. He will discuss major management issues through the board and work on establishing medium- to long-term visions, including new business development. Cha has held the CEO position since the founding of Coinone in February 2014 and is currently the largest shareholder with 53.46% of the equity.
A Coinone representative noted, "This decision is made to respond more agilely to the changing regulatory environment of the virtual asset market and to strengthen corporate competitiveness." He added, "Under the sole CEO structure, we will establish a fast and consistent decision-making process to enhance brand value and promote sustainable growth."