SEOUL - In a move that has raised eyebrows across South Korea's tech and financial sectors, Kakao Corp., the parent company behind the country's premier mobile messaging service, has appointed Jung Gue-don as its new Chief Technology Officer (CTO).
According to Yonhap News Agency, Jung, a figure embroiled in controversy from his previous tenure as CTO at KakaoBank Corp., takes on his new role more than a year after resigning from the bank amid backlash for selling off his shares shortly after the company's public listing in August 2021. The sale, involving over 117,000 shares, not only netted Jung a significant profit but also contributed to a dip in KakaoBank's stock price.
This appointment comes despite last month's recommendations from Kakao's own compliance and credibility committee, established last year in the wake of criticism over alleged stock manipulation by executives, which urged the company to implement strategies to mitigate management risks linked to executive behavior. "Finding a candidate with the necessary experience for the CTO position at Kakao is challenging," stated a company official, highlighting ongoing efforts to address management risk concerns.