Kakao Appoints Kim Do-young as Co-Chair of Control Tower

Kakao Group has announced the appointment of Kim Do-young, CEO of Kakao Investment, as co-chair of its Corporate Alignment Council. This decision comes as the company prepares for a significant spin-off of its flagship unit, Kakao Corp.

Kim will work alongside Chung Shin-a, the current CEO of Kakao Corp., to ensure stability in decision-making during this transitional phase. The spin-off is slated for completion in January next year, with plans to relist the two new entities on January 27.

The restructuring will create two new branches: Kakao AI, which will manage KakaoTalk and other digital services, and Kakao X, which will oversee financial services like KakaoBank and Kakao Pay. Kim's extensive background in investment banking positions him well to lead these initiatives.

Kakao Group aims to navigate this transition smoothly, addressing earlier concerns from labor unions and investors regarding the split. The co-chair system is designed to maintain continuity and effective execution during this critical period, reinforcing the group's governance structure.