Owner's property division to change Smilegate's governance
The ruling on Smilegate founder and chief vision officer Kwon Hyuk-bin’s divorce settlement is expected to bring changes to the company’s governance structure, which is currently based on Kwon’s full ownership. The Seoul Family Court on Wednesday ordered Kwon to transfer a 35 percent stake in the company to his wife, surnamed Lee, as part of property division. Although the two sides can appeal…
The upcoming divorce settlement of Smilegate founder and chief vision officer Kwon Hyuk-bin is anticipated to bring alterations to the company's governance framework, which presently hinges on Kwon's sole ownership. On Wednesday, the Seoul Family Court ordered Kwon to relinquish a 35 percent share in the company to his spouse, identified as Lee.
While the parties may contest the decision and the magnitude of his share may fluctuate, it is highly probable that the ownership structure Kwon has upheld since 2012 will be impacted. Originally, Smilegate comprised multiple entities such as Smilegate Holdings, Smilegate Entertainment, responsible for CrossFire, and Smilegate RPG, overseeing Lost Ark.
However, earlier this year, the corporation consolidated these divisions into a more streamlined structure wholly owned by Kwon. Despite the absence of public rationale behind Kwon's decision to retain full ownership, it has elicited both favorable and unfavorable analyses. The positive aspect is viewed as a tactic to manage the company autonomously, devoid of internal shareholder conflicts or external investor influence.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Owner's property division to change Smilegate's governance koreatimes.co.kr
