Why Owen Mahoney stepped down after a decade of success as Nexon’s CEO
27.11.2023 - 15:33
/ venturebeat.com
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Owen Mahoney joined Nexon in 2010 as CFO, and he oversaw its initial public offering in 2011. He has led the company as president and CEO since 2014. Under his leadership, Nexon delivered consistent growth in revenue and operating income and the most robust pipeline in the company’s history.
So why is he stepping down? Nexon announced on November 11 that Mahoney will step down in March 2024 and be replaced by Junghun Lee, head of Nexon Korea and a board member.
Despite the fact Mahoney was a Westerner in charge of a company with its headquarters in Japan and much of its development staff in South Korea, Mahoney had a stellar record while running the company that is known for Dungeon & Fighter, MapleStory, Kart Rider on the PC and recent mobile hits like Dungeon&Fighter Mobile, MapleStory M, Blue Archive and Dave the Diver. During the most recent quarter, MapleStory grew 46% compared to a year ago.
Starting next March, Mahoney will stand for re-election to Nexon’s board and serve as senior advisor. Both Lee and Mahoney will serve in their current roles until the succession is formally approved. It will be interesting to see where this company, valued at $2 billion in the stock market, goes next.
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Here’s an edited transcript of our interview.
GamesBeat: Thanks for doing this interview. I was surprised to see you made this decision. I wonder why you did that at this time?
Mahoney: Well, personally for me, it’s just been a great run. And an incredibly enjoyable 10 years as CEO. I joined Nexon 13 years ago as CFO. And then I became CEO 10 years ago. A public company CEO’s tenure is usually somewhere around six years. Ten years is a very long time to be CEO. And it’s been a very enjoyable run from a personal perspective. From a professional perspective, the real question about timing and CEO succession is really a topic about the long term. It’s about longevity of returns for shareholders, which is a corporate governance topic.
And we are very serious about long-term returns for our shareholders who are very serious, therefore about corporate governance. You see a lot of companies talk a good game about corporate governance, but when it comes right down to it, they really have a struggle with the topic of CEO succession. And we’ve seen some great companies really stumble on this topic, and it’s been not great for shareholders. From our perspective, we want to be very serious about this. But you don’t just