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Shin Jung-ho, CEO of Line Yahoo (Photo = Line) |
[Alpha Biz= Reporter Kim Jisun] Shin Joong-ho, who hails from Naver, has stepped down from his position as the CEO of Line Yahoo.
On the 8th, Line Yahoo announced that its board of directors had approved the resignation of Shin Joong-ho, the CEO and Chief Product Officer (CPO), as an inside director. While resigning as CEO, Shin will continue to hold the position of CPO. This move is interpreted in the context of his responsibility regarding a data breach of approximately 520,000 accounts that occurred last November.
Earlier in March, Shin Joong-ho relinquished approximately 30 million stock options. Analysis suggested that this decision might have been influenced by pressure from the Japanese government.
Shin Joong-ho joined the board of Line Yahoo in October last year when the company was launched. He was the only Korean member among the board of directors. He was previously known as the driving force behind the development of the Line messenger during his tenure at NHN Japan and was referred to as the "father of Line."
Line Yahoo is a joint venture established in 2011 by Naver's Line and Z Holdings, a SoftBank subsidiary (operator of Yahoo Japan). Since October last year, Naver and SoftBank have jointly operated Line Yahoo through A Holdings, in which they each hold a 50% stake.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
