Tech companies contribute to Pangyo’s transformation

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[Graphics by Song Ji-yoon and Lee Eun-joo]

Pangyo, a technology hub in Gyeonggi Province that is dubbed as South Korea’s Silicon Valley, is undergoing a transformation, with companies appointing new representatives and realigning businesses.

Kakao Corp. held a board and shareholders’ meeting at its headquarters in Jeju on Thursday, where it appointed Chung Shin-a as its new chief executive officer (CEO).

“We will accelerate our organizational restructuring to achieve innovation that meets shareholders’ expectations,” Chung said. “We will secure new growth engines via the development of AI-based services that are unique to Kakao.”

Under Chung’s leadership, the key in organizational restructuring was the establishment of an AI organization, with AI experts scattered throughout the company now integrated under the chief AI officer (CAIO).

Lee Sang-ho, former chief technology officer (CTO) of SK telecom Co., was appointed as the CAIO. Lee has held positions including head of SK telecom’s AI business unit, head of Daum’s search division, founder and CEO of Dialoid, and head of Naver’s search quality lab. He is recognized for his expertise in Kakao’s platforms and AI.

Kakao is expected to integrate various AI services into KakaoTalk under the CAIO. KakaoBrain previously demonstrated various AI technologies, including KoGPT (text), Kalo (image), and Kara (healthcare), after internal evaluations.

The CAIO organization is expected to integrate these technologies into services.

Meanwhile, Chung has begun trimming the organization.

“We have reorganized the decision-making process,” Kakao said. “Simplifying the organizational and role structures to clarify responsibilities and authorities is key.”

Some departments have also been reorganized into a matrix structure combining job and functional organizations. This is a message aimed at breaking down silos and enhancing collaboration with other departments.

Kakao also restructured its board of directors by internally appointing Kwon Dae-yeol, chairman of the CA Council, as ESG committee chairman, and Cho Seok-young as compliance management head. Kakao also appointed Phillip Ham, CEO at PH & Company Inc. and Cha Kyung-jin, professor at Hanyang University, as external directors.

On the same day, NCSoft Corp. also held a shareholders meeting at its headquarters in Pangyo and reappointed Kim Taek-jin as inside director and appointed Park Byung-moo as co-CEO.

Park, known as the CEO who successfully completed several major deals as a M&A specialist, is steering NCSoft towards M&A and global expansion.

“New genres of games targeting the global market are set to be released in large numbers in 2024,” Park said. “This year marks the beginning of NCSoft’s global expansion.”

He also laid out four key strategies ? expanding global presence, streamlining management efficiency, refining data operation processes, and securing intellectual property (IP) through M&A and investment.

NCSoft also conducted an organizational restructuring, whereby NCWest’s studios were placed under NCSoft’s U.S. subsidiary, ArenaNet LLC.

Hancom Inc. held a shareholder meeting on Thursday in Pangyo and approved the reappointment of Kim Yeon-su as CEO. It also appointed two external directors that are experts in the field of legal and human resources management. It also announced plans to solidify its AI business and target global market.

By Lee Sang-duk and Lee Eun-joo

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