Kakao Entertainment Appoints New Co-CEOs

Kakao Entertainment named two executives to serve as co-CEOs on Friday (January 19): Kisu Kweonwho is currently the chief operating officer, and Joseph Changhead of global strategy.

South Korean technology group Kakao is influential in the music industry. Its subsidiary, Kakao Entertainment, merged with Melon, the country's leading streaming platform in 2021, also owns Starship Entertainment, which has developed internationally successful K-pop groups such as Monsta X and Ive. But in 2023, Bae Jae-hyunthe chief investment officer of Kakao, was accused of allegedly manipulating the stock price during a corporate battle with HYBE over a controlling stake in K-pop company SM Entertainment.

In December, Kakao's founder and chairman said the company would “restore the expansion-focused management strategy,” “focus on core businesses,” as part of an effort to “change the corporate culture.” according The Korea Economic Daily.

The promotion announcement at Kakao Entertainment emphasized “the need for leadership with a new perspective.” “We feel a great responsibility as we take the lead at these critical times,” Kweon and Chang said in a joint statement.

“Our priority is to contribute and meet society's expectations in the future,” they added. “At the same time, we are dedicated to proving the full potential of Kakao Entertainment in the global market. We are excited to accelerate the innovation of our extensive content business to grow into a truly global entertainment player.”

The announcement of the nominees for co-CEOs indicated that each would have slightly different responsibilities. Kweon “plans to focus on stabilizing the business while emphasizing innovation,” according to the press release, while Chang – a former Sony Music executive – will prioritize “strengthening [Kakao Entertainment’s] competitiveness in IP design, production and distribution.

Now that Kweon and Chang have been appointed as co-CEOs, the announcement notes that they “will undergo a formal appointment process through the board of directors and general meetings of shareholders.”