Kim Beom-su and Kim Taek-jin, from 'Eccentrics' to New Mainstream

Published 17 Feb.2021 10:37(KST)

Updated 17 Feb.2021 11:18(KST)

Joining the Vice Chairmen Team of Seoul Chamber of Commerce and Industry

Kim Beom-su, Chairman of the Kakao Board of Directors (left), Kim Taek-jin, CEO of NCSoft.

[Asia Economy Reporter Buaeri] Industry insiders view the addition of Kim Beom-su, Chairman of Kakao's Board of Directors, and Kim Taek-jin, CEO of NCSoft, to the Seoul Chamber of Commerce and Industry's vice-chairman group as a reflection of the new industrial landscape. This marks the first time that founders of IT companies have joined the vice-chairman group of the Seoul Chamber.

According to the Korea Chamber of Commerce and Industry on the 17th, Kim and Kim will be officially elected as vice-chairmen at the Seoul Chamber's general meeting on the 23rd. Their inclusion signifies that IT industries such as internet and gaming, once regarded as businesses run by 'geeks,' have now proudly emerged as mainstream players in the business community. The market capitalization of Kakao (45 trillion KRW) and NCSoft (22 trillion KRW) far exceeds that of existing vice-chairmen companies like Amorepacific (13 trillion KRW). With the explosive growth of untact businesses following the Fourth Industrial Revolution and COVID-19, the influence of the IT industry on society has also increased. KakaoTalk has established itself as the 'national messenger,' and the domestic gaming industry has grown to a market size of 17 trillion KRW, ranking among the top five globally in market share.

The appointment of Kim and Kim as vice-chairmen was proposed by Choi Tae-won, Chairman of SK Group and newly elected president of the Seoul Chamber. Chairman Choi is known to have persuaded the two with the intention of strengthening ESG (Environmental, Social, and Governance) management, a global hot topic. Kim Beom-su has shown great interest in this area, even forming Kakao's ESG Committee and serving as its chairman. Kakao is also running programs to support social innovators through its corporate foundation, 'Kakao Impact.' Similarly, Kim Taek-jin is selecting key tasks to strengthen NCSoft's ESG framework and reviewing implementation plans.

The two's 'likable images' also appear to have played a significant role in this decision, helping to revitalize the Seoul Chamber's image, which has been centered around conglomerates. Kim Taek-jin is often affectionately called "Taekjin hyung" (Brother Taekjin) by game and baseball fans. Unlike traditional conglomerate leaders, Kim frequently appears in NCSoft's parody advertisements in costume, showing a more approachable and popular image. Kim Beom-su is a self-made entrepreneur from a humble background. His well-known story of studying in a small room while his family of eight lived in a single-room apartment highlights his impoverished childhood. Recently, he surprised many by announcing plans to donate half of his fortune (approximately 5 trillion KRW) to solve social issues.

The IT industry has also gained a strong ally. With the inclusion of first-generation IT founders, the Korea Chamber of Commerce and Industry, which has traditionally focused on conventional corporate issues, is expected to represent a wider range of voices. While IT companies have voiced their opinions through organizations such as the Korea Internet Corporations Association, Korea Startup Forum, and Korea Game Industry Association, their influence has been relatively limited compared to the Chamber. Currently, the IT industry is opposing the Fair Trade Commission's Online Platform Fairness Act and the National Assembly's comprehensive amendment to the Game Industry Act. An industry insider said, "In a situation where it is difficult for social opinion to be voiced by conglomerate-centered groups, this decision is interpreted as an effort to show a differentiated stance," adding, "The IT industry's voice will also gain strength."