Kakao Bank held its annual general meeting on Thursday, during which shareholders approved the appointment of Kim Geon-soo as deputy chief executive and a 219.2 billion won ($145.5 million) cash dividend.
Kim joins from Korea Investment & Securities, Kakao Bank's second-largest shareholder, which shares control of the lender with top shareholder Kakao. Both hold 27.16 percent stakes, with Kakao ahead by one share.
At Korea Investment & Securities, Kim held senior roles in product strategy and wealth management strategy before serving as head of management administration at parent Korea Investment Holdings.
As a coinvestor in the internet-only bank since its 2017 launch, Korea Investment & Securities has long maintained its presence at Kakao Bank through the deputy CEO position. Previous deputy CEO Kim Kwang-ok returned to the brokerage earlier this year to head its investment banking group.
Shareholders also approved a cash dividend of 219.2 billion won, with the year-end dividend set at 460 won per share. The payout was up 28 percent from a year earlier, bringing the total shareholder return ratio to 45.6 percent.
At the meeting, CEO Yun Ho-young said, “We will continue to pursue shareholder policies that actively share the gains from the company’s growth, ensuring that solid business performance translates into higher shareholder value."
jwc@heraldcorp.com
