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WeMade Co. Ltd., a video game developer headquartered in Seongnam, South Korea, saw its stock prices dropping rapidly after it was reported that its chief executive officer, Jang Hyeon Guk, had resigned. His departure was so sudden that many people were amazed.
According to Korea Joongang Daily, WeMade’s shares quickly plunged after announcing Jang’s exit. It was revealed that the CEO abruptly stepped down on Thursday this week.
Stock Price Results
Based on the reports, the video game company’s shares plummeted by 11.36% to close at KRW56,200 or about $42.26. Moreover, Aside from the stock, WeMix crypto also dived by 40.64% to KRW3,548 at one period on Thursday compared to the last peak of KRW4,990 just before the drop.
WeMix is a blockchain-based gaming platform that WeMade Tree, a subsidiary of Wemade, developed. As of 9:25 a.m. today, the company was trading at KRW57,400, down 9.46% from the previous trading day.
Confirmed Leadership Changes
The company said that Jang Hyeon Guk is set to be replaced by Park Kwan Ho. Jang’s successor is the founder of WeMade, who also serves as chairman of the board of directors.
“Chairman Kwan Ho Park plans to break away from his role of focusing on development and supporting management and lead the company as the head of the game and blockchain business,” an official of WeMade said in a statement.
Korea’s Smart Today reported that Jang Hyeon Guk will remain in the company to assist the new CEO and assume a new vice-president role. Meanwhile, neither WeMade nor Jang provided any reason for the resignation, and he is vacating his chief executive post after leading the company for 10 years.
Photo by: WeMade Website
