New Year’s Kakao Talk message to 6,000 Kakao employees
“Having half of our assets to solve social problems”
“Donation pledge as soon as possible…if confirmed, the contents will be disclosed”
Photo = Yonhap News
Beomsu Kim Kakao(457,000 +0.44%) As the chairman of the board of directors declares that he will give back more than half of his assets to society, attention is drawn to the background.
On the 8th, Chairman Kim Bum-soo said in a New Year Kakao Talk message sent to Kakao executives and employees under the name of’Brian’, “I made a pledge to donate more than half of my fortune to resolve social problems during my life.”
Chairman Kim said, “As I witnessed the deepening of social issues in various fields during the turbulent period, I felt that I should not delay my resolution any more.”
“We are also pursuing an appropriate donation pledge so that the pledge can become an official promise,” he said.
Currently, the valuation value of 12.5 million Kakao shares owned by Chairman Kim is 5.7 trillion won based on the closing price of the previous day. In Korea, it ranks third in stock-rich after Samsung Electronics vice chairman Lee Jae-yong and Chung Mong-koo, honorary chairman of Hyundai Motor Group.
If you add 9.94 million shares of K Cube Holdings, Chairman Kim’s private company, which owns 11.26% of Kakao’s shares, the total assets amount to 10.21 trillion won. It means that half of the assets to be donated are at least 5 trillion won.
However, the specific timing or method of donation is not known. Chairman Kim said, “We will continue to share the specific plan with the crew (employees) and get ideas and open opportunities.”
Chairman Kim’s declaration of donation was recently announced amid a’controversy over succession’ for his children, attracting attention.
On the 19th of last month, Chairman Kim donated 330,000 shares of his own stock to 14 relatives, including his wife and two children. Based on Kakao’s share price on that day, 330,000 shares were worth 145.2 billion won. Chairman Kim gave 60,000 shares (equivalent to 26.4 billion won) to his wife and two children, and 4200 to 25,000 shares each to other relatives.
Until now, Chairman Kim’s stock donation has been made only for the purpose of donating to social welfare organizations. For this reason, an analysis was raised as to whether Chairman Kim is working on a full-scale succession of management rights. Chairman Kim’s son, Kim Sang-bin (28) and daughter Kim Ye-bin (26), have been working at K Cube Holdings since last year.
Regarding this, a Kakao official said, “According to numerous interviews and company exhibitions that have already been released, Chairman Kim was planning to donate with a long-term roadmap.” “Last year, Kakao talked about fulfilling its social responsibility even at the 10th anniversary of Kakao Talk. The spread of the coronavirus infection (Corona 19) has made the decision to donate hard.”
He added, “We are currently reviewing various plans for the donation method, etc.,” he added, adding, “We will disclose the contents of the donation pledge as soon as it is confirmed.”
The following is the full text of the New Year’s message, Chairman Kim Bum-soo.
Hello Crew, this is Brian.
It is a burden and an honor to send the first content to the newly created crew communication channel. ^^
The past year has been a more difficult and changing year than expected as the corona continues. Thank you to all of the crew who led meaningful growth even during this time.
As non-face-to-face situations in all areas and rapid technological advancement overlapped, the world quickly entered an area that was not previously experienced. This wave of change, which may be just the beginning, is both fearful and anticipation of where to lead the world.
What challenges should we take without complacent with what has been achieved in this period of increasing uncertainty? As always, I have no doubts that community leaders and crew will come together to find answers.
I also had a lot of thoughts on what to do after I proposed to be the subject of solving social problems in March for the 10th anniversary. In a turbulent period, as I witnessed the intensification of social problems in various fields, I felt that I should not delay my determination any longer, and I made a pledge to donate more than half of my wealth to solve social problems during my life. We are also pursuing an appropriate donation pledge so that that commitment can become an official promise.
Although we are now at the stage of contemplating how to use it, Kakao is planning to find and support people to solve social problems in areas that are difficult to access. We will continue to share specific plans with the crew, get ideas, and open up opportunities.
As there are more and more problems that cannot be solved with the existing methods, I feel that I need to gather wisdom together. We are planning to hold a Krugan conference where we can communicate deeper in the near future, so I hope we can talk a lot again.
Once again, we support the passion and challenge of the crew, and we sincerely thank you.
Best wishes for a Happy New Year.
Brian on February 8, 2021
Reporter Jo Ara Hankyung.com [email protected]