Seoul: Kakao Corp. announced on Thursday that company founder Kim Beom-su will step down as co-chair of its top corporate decision-making body due to health reasons. The South Korean tech giant, known for operating Kakao Talk, revealed that Kim will resign from his co-chair position at Kakao's Corporate Alignment Council (CAC).
According to Yonhap News Agency, Kim was recently diagnosed with early-stage bladder cancer and will focus on his treatment. Despite stepping down from the CAC, Kim will continue to lead Kakao's Future Initiative Center, concentrating on the company's long-term vision and strategy.
The CAC will transition to a sole leadership structure under Kakao CEO Chung Shin-a following Kim's departure. A company official stated, "With CEO Chung already leading key company initiatives, this transition is expected to have minimal impact on Kakao's overall management."
Additionally, Kakao will conclude the activities of its management reform committee, through which Kim had been leading efforts to revamp the company's governance and operations since November 2023. Kim is currently facing a trial over allegations of stock price manipulation related to Kakao Entertainment's acquisition of SM Entertainment, where he is accused of obstructing a competitor's public tender offer.