Deepti Sri · · 1 min readKakao Pay CEO withdraws candidacy to lead parent firm
Alex Ryu, CEO of Kakao Pay, has withdrawn his candidacy to lead the group’s parent company, Bloomberg reported.
The fintech firm’s CEO previously came under fire for selling some of his stake in the company after a stellar market debut last November.
In an internal meeting last week, Ryu explained that he had sold his stock options in a bid to prevent a conflict of interest in Kakao Corp.
According to Kakao Pay’s filings last month, one of the CEO nominees for Kakao Pay as well as several executives sold a total of over 400,000 shares in the company.
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Editing by Collin Furtado and Lorenzo Kyle Subido
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