Ryoo Young-joon, the nominee for co-CEO of Kakao, who caused controversy over the sale of his stake, resigned today (10th) voluntarily.
Previously, eight Kakao Pay executives, including CEO Ryu, made a profit of 46.9 billion won by selling 90 billion won worth of stocks on the 10th of last month, the day Kakao Pay was included in the KOSPI 200 index.
The union of Kakao has been demanding the resignation of CEO Ryu, saying that the sale of shares of CEO Ryu and others has led to discussions on the 'Kakao Pay Prevention Act' in the National Assembly.
Ryu is currently the CEO of Kakao Pay, and was scheduled to be appointed as the co-representative of Kakao in March after going through the general shareholders' meeting and the board of directors.