– JAPAN, Tokyo – NEXON Co., LTD. (“Nexon”) (3569.TO), a worldwide leader in free-to-play online games, today announced that its Board of Directors has unanimously appointed Owen Mahoney as the Company’s President and Chief Executive Officer-elect, effective following Nexon’s Annual General Meeting of Shareholders on March 25, 2014. Mr. Mahoney, who currently serves as Nexon’s Chief Financial Officer and Chief Administrative Officer, will succeed Seungwoo Choi, who has decided to retire and will assume the advisory role of Honorary Chairman. Both Mr. Choi and Mr. Mahoney will continue to serve in their current roles until the general shareholders’ meeting.
Under Mr. Choi’s leadership, Nexon grew from a small, privately-held company into a publicly traded, multinational industry leader with revenue of over $1.5 billion in 2013.
“I am proud of the Company we have built and honored to have led such a talented team of over 4,500 employees around the world. Together, we have expanded our portfolio of titles to offer nearly 60 online games in more than 100 countries and have strong momentum for continued success,” said Mr. Choi. “Owen is a talented leader with an established track record and – importantly – a deep understanding of the Nexon team and culture. I look forward to continuing to work with the management team and Board of Directors to capture the market opportunity ahead.”
Mr. Mahoney will bring over 15 years of global experience in the games industry and substantial strategic, financial and operational expertise to his new position. He has served as Nexon’s Chief Financial Officer and Chief Administrative Officer since 2010, where he is responsible for managing the Company’s finances, global operations, investments and strategic alliances. Under his leadership, Nexon has increased its annual revenues by 123%, successfully completed its $1.2 billion initial public offering on the Tokyo Stock Exchange, and formed new strategic partnerships with high-profile developers and publishers around the world, including four in the fast-growing Western market. Prior to Nexon, Mr. Mahoney was Senior Vice President of Corporate Development at Electronic Arts from 2000 to 2009, where he was responsible for worldwide mergers and acquisitions and business development, and led all acquisitions and equity investments.
“I am delighted and honored to have the opportunity to lead this outstanding company,” said Mr. Mahoney. “As the pioneer of the free-to-play model, Nexon is uniquely positioned to take advantage of the continuing worldwide platform transition towards synchronous online game play and free-to-play monetization. We will continue to build on our success by focusing even more sharply on a smaller number of high-quality titles and development efforts; attracting and supporting leading industry talent; and leveraging our accumulated expertise and track record of successful partnerships with leading talent around the world looking to transition to free-to-play. I look forward to our bright future ahead.”
In conjunction with the CEO transition, Shiro Uemura, presently general manager of the Accounting and Finance Department, will replace Mahoney as Chief Financial Officer. Koji Abe, General Counsel, will assume the additional role of Chief Administrative Officer.
About NEXON Co., Ltd.
NEXON Co., Ltd. (“Nexon”) (3659.TO) is a worldwide leader in free-to-play online games. Founded in Korea in 1994, Nexon developed one of the world’s first graphics-based massively multiplayer online games. Nexon also pioneered the concept of microtransactions and the free-to-play business model, setting a new standard in which play is free, and users have the option to purchase in-game items to enhance their experience. Nexon currently services nearly 60 online games in more than 100 countries and since its founding, Nexon has generated more than 1.4 billion player registrations. The Company is headquartered in Tokyo, Japan and its shares are listed on the Tokyo Stock Exchange.
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