https://arab.news/rjz6g
South Korean fintech firm Kakao Pay Corp. saw three of its leading executives quit on Thursday amid shareholder rebellion.
According to Bloomberg, the company's CEO, chief financial officer and chief business officer all resigned.
This comes as the CEO, along with other executives, faced criticism from by shareholders for selling down some of their stakes in the stock market after its November debut.
This dragged down investor sentiment in the process, slashing a total of $25 billion off the market value of the firm and its affiliates.
While the resignation of chief executive officer Alex Ryu was anticipated, that of chief financial officer Kijoo Chang and chief business officer Jin Lee came as a surprise.
The IT giant’s listed vehicles saw a 6.3 percent jump — its largest in three weeks — in shares on Thursday, after severe losses experienced a day earlier.