Kakao Games, which is set to be acquired by Japan's Line Yahoo, will shift to a co-CEO system led by Kim Tae-hwan and Lee Si-woo.
Kakao Games disclosed on the 4th that it plans to convene an extraordinary shareholders meeting on the 22nd of this month to approve an agenda item appointing Kim Tae-hwan, Line Games chief strategy officer (CSO), and Lee Si-woo, Kakao Games chief business officer (CBO), as inside directors.
Nominee Kim Tae-hwan served as vice president of Nexon Korea, chief business development officer (CBDO) of Nexon Japan, and vice president of Nexon America. He joined Line Games in 2023 as CSO and oversaw the overall game business.
Nominee Lee Si-woo joined from the early days of Kakao Games' founding as head of the mobile publishing business as CBO (vice president), among other roles, and has led the mobile and PC game businesses.
According to the game industry, the two inside director nominees are said to have been tapped as future co-CEOs after their appointments to the board.
Kakao Games will also discuss at the shareholders meeting the agenda to newly appoint Seo Seok-ho, managing director at Petrico Partners, as an other non-executive director, and to appoint Professor Lim Tae-seop of Sungkyunkwan University as an outside director.
Previously, LYP Co., Ltd. (Line Yahoo)-backed investment purpose vehicle "LAAA Investment" acquired part of Kakao's equity in Kakao Games to become the largest shareholder. The change of Kakao Games' largest shareholder is expected to be completed within this month after the financing procedures.