Daum Kakao, the company behind South Korea’s popular messaging service KakaoTalk, has named a new CEO to replace its two co-CEOs who have led since the two messaging firms merged in October.
34-year-old Rim Ji-hoon, head of investment firm K Cube Ventures, will become the new CEO after shareholders and the board approve the appointment next month, reported Yonhap news agency. Daum Kakao acquired 100 per cent of K Cube in March.
Rim will reportedly take over from Choi Sae-hoon and Lee Sirgoo, who were involved in selecting him as CEO.
“I will do my best to accelerate Daum Kakao’s transformation to become not only a prominent mobile company in Korea but also a competitive player in the global market,” Rim said in a statement, according to TechCrunch.
The company, which has 35 million local users, reported a 23 per cent drop in its Q1 net income, as it increased its ad and marketing spend to support new services. First quarter revenue was up 19 per cent to KRW234.39 billion ($200 million). Its mobile business generated 55 per cent of total revenue.
In May it acquired US-based social networking app Path, which was created five years ago and has 10 million monthly active users.
Path was launched in 2010 to give users a personal, private environment for sharing and connecting, and can be used both as a journal for personal record keeping, as well as a way to share news, photos and updates with close family and friends.