Kakao Games shifts to co-CEO structure with Kim Tae-hwan, Lee Si-woo

Kakao Games has moved to a co-CEO structure under Kim Tae-hwan and Lee Si-woo, with plans to stabilize its finances and accelerate expansion.

The company said Monday it held an extraordinary shareholders meeting and board meeting, at which it appointed Kim and Lee as co-chief executive officers.

Kim is regarded across the domestic and international gaming industry as a "deal maker" who has led mergers and acquisitions and strategic investment. He previously served as head of strategic planning, planning and coordination director, and vice president at Nexon Korea; chief business development officer at Nexon Japan; vice president at Nexon America; and chief strategy officer and vice president at Line Games. During his time at Nexon in particular, he spearheaded numerous M&A deals and oversaw post-merger integration of organizations and operations.

Drawing on that track record, Kim will oversee Kakao Games' mid- to long-term business strategy, global expansion, and M&A and strategic investment.

Lee joined Kakao Games in 2015, near its founding, as head of the mobile business division and has since served as chief business officer and vice president, overseeing mobile and PC game operations. He has publishing experience with major intellectual property titles including "Odin: Valhalla Rising" and a number of popular subculture-genre games.

Building on that operational background, Lee will oversee the company's overall game business — including live service operations, new title publishing and IP portfolio management.

Kakao Games said it plans to use the leadership transition as a turning point to wind down non-core businesses and complete its financial restructuring. The company also intends to pursue a growth strategy underpinned by the financial soundness secured through strategic investment, while actively pursuing equity stakes and acquisitions in promising domestic and international developers to expand its IP portfolio and development capabilities.

"Aggressive investment and innovation are essential to compete in the fiercely contested global market," Kim said. "I will do my utmost to help Kakao Games grow rapidly on the global stage, backed by the capital we have secured."

"I will work to present differentiated IP that is uniquely Kakao Games, drawing on our proven live service capabilities and new title lineup," Lee said.

The two co-CEOs said their ultimate goal is to "aggressively pursue a growth strategy and ensure that the results translate into corporate value," adding that they would "build a company that lives up to the expectations of shareholders and users through transparent communication with the market."