Kim Byung-kwan, founder and largest shareholder of WEBZEN and a former lawmaker of the Democratic Party of Korea, will return to the front line of management after about nine years. The company plans to discuss a proposal to appoint the former lawmaker as an inside director at an extraordinary shareholders meeting in December.
According to the Financial Supervisory Service's electronic disclosure system on the 16th, WEBZEN will convene an extraordinary shareholders meeting on Dec. 12 and submit an agenda item to newly appoint the former lawmaker as an inside director with a three-year term. After returning, the former lawmaker is expected to take on an advisory role on investments and key management issues without a separate title.
The former lawmaker is the largest shareholder holding around 27% equity (27.32–27.89%) in WEBZEN. He founded Solution Holdings in 2000, served as CEO of NHN Games, and then became CEO of WEBZEN in 2010. In 2012, he handed over management to CEO Gen.Kim Tae-young, served as chair of the board, and entered politics in 2016.
He was elected as a 20th National Assembly lawmaker (Bundang A, Seongnam, Gyeonggi) and served as chief of staff to the National Assembly speaker, among other roles, but lost in the 21st general election and the 2022 by-election. This return marks his comeback to the management field nine years after leaving the company in 2016.
WEBZEN plans to use the former lawmaker's return to bolster management stability and long-term strategy. The industry sees the founder's comeback as a signal to explore new business directions amid changes in the gaming sector.