Nexon and Smilegate are seeing major changes

1. Nexon and Smilegate are seeing major changes in their governance structure. This is a sensitive story, but it is due to personal history. With Nexon's founder dying, Smilegate is expected to develop a new phase as its founder faces a divorce lawsuit.

2. First of all, Nexon inherited a 67% stake in founder Kim Jung-joo and paid a partial inheritance tax. Currently, his wife Yoo Jeong-hyun owns 34% and two children own 33%. A corporation can make all decisions if a specific shareholder has more than two-thirds of the voting rights, so it can be said that it has succeeded in transferring control. There is only one issue left. It is about what role Yoo Jeong-hyun and related parties play as major shareholders.

3. Then Smilegate's situation is more complicated than Nexon's. This is because the dispute is ongoing. His wife filed for divorce from founder Kwon Hyuk-bin in November 2023 and demanded a half stake in Smilegate Holdings, which he owns. And he claimed to be the so-called spouse responsible for the breakdown of his marriage. If the court ruled in favor of his wife Lee, the list of shareholders would change in some form.

*Oh, my