[미리보는 경제] “Is the management the operational force?” Dissatisfaction… What is the cause of the Kakao Pay crisis?

◀ anchor ▶

Kakao Pay drew a lot of attention as 1.8 million people participated in the subscription for public offering shares.

After listing, it once rose to 240,000 won per share, and its market cap exceeded 30 trillion won.

But suddenly, the stock price plummeted to around 140,000 won.

As the management sold the stock, along with the so-called eat-and-run controversy, the market capitalization evaporated more than 10 trillion won.

Although Kakao Group has taken measures, the share price continues to decline.

Reporter Lee Seong-il summarizes it.

◀ Report ▶

After Kakao’s affiliates go public, the CEO and executives have announced that they will not sell the company’s stock for at least one year.

The appointment of Kakao CEO Ryu Young-joon, who sold the stock, was also hastily canceled.

This is a remedy for an affiliate crisis in which the management sold a large amount of stock within one month of listing.

But the reaction is cold.

The remaining seven executives were not held responsible, who made a profit of 40 billion won by selling stocks at the same time.

This includes Vice President Shin Won-geun, who will be the company’s representative from March.

It’s also hard to understand why they didn’t explain the process that was so opaque enough to say that “the management is the operating force”.

[류영재/서스틴베스트 대표이사]

“One share of the management has the effect of selling more than 100 shares of ordinary investors. It can be seen that the management goes against the fundamental purpose of stock options that the management ‘rides in the same boat and goes together’.”

Kakao Group personnel, who change the position of representatives of affiliates as if sending employees within the company, are also cited as the cause.

At the end of November last year, less than a month after the company went public, CEO Ryu Young-joon was appointed as the head of the Kakao headquarters.

If you become the head of the headquarters while owning stock in an affiliate, you may be misunderstood about which company you will work for, right?

It is said that the Kakao Group was compelled to sell shares to Ryu.

When Google took over YouTube, it compensated the founders with stock in the headquarters and completely merged the company to prevent such misunderstandings and conflicts of interest.

This is how Facebook acquired Instagram.

As in Kakao, if the business is divided into affiliates and compensation is provided separately, personnel management and management should be independent, but in reality, major affiliates have been operated as if they were one company.

After the management’s stock sale, Kakao Pay’s stock price as well as the stock prices of major Kakao Group companies fell by around 30%.

Even after the announcement of measures, the downward trend continued.

This is why there are voices calling for changes in Kakao Group’s management and transparency should be prioritized.

This is Lee Seong-il from MBC News.

Video Editing: Kim Jae-hwan / Graphics: Han Seok, Lee Soo-yeon

MBC News awaits your report 24 hours a day.

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