SEOUL : Shares in South Korean financial services firm Kakao Pay Corp jumped on Friday after the company said its CEO and two other executives were stepping down following a slump in the stock, amid fierce criticism of their exercising of stock options soon after the firm listed last November.
The stock had tumbled 35per cent as of Thursday's close since regulatory filings in early December showed about 90 billion won worth of stock options in Kakao Pay were exercised by the departing officials and others soon after the listing. Analysts attributed the fall in Kakao Pay stock at least partly to the negative impact on investor confidence caused by stock options being exercised, although the transactions were all legal. Shares in affiliate Kakao Bank have also fallen since early December.
The anger among retail investors has made political waves. Lee Yong-woo, a ruling party lawmaker, is preparing a draft of a bill that would make it necessary for insiders in listed companies to report planned share sales beforehand, his office told Reuters on Friday.
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