South Korea’s Daum Kakao already shook things up last month when it announced the hiring of the country’s youngest CEO, 34-year-old Ji Hoon “Jimmy” Rim.
At that time the popular web service-mobile app company was slimming the years, now they are slimming the name, announcing Tuesday that they will go from being called Daum Kakao to simply, “Kakao”.
The shortened name makes sense in light of analyst’s expectations that the company would transition to a greater emphasis on mobile business platforms rather than Web services –where it is grossly outmatched by local rival, Naver.
With that strategy coming to bear, Daum Kakao has announced the end to nearly two dozen services of the Web-portal including the mobile messenger service My People, and their online storage service, Daum Cloud.
This marks an interesting point for Daum, which merged with the popular messaging service Kakao in 2014.
Founded in 1997, Daum was the first Korean web portal of significant size. At one point in 2004, Daum bought Lycos, one of the internet’s original American portals, for $95.4 million. It was later sold to an Indian internet company for $36 million.
A shareholders meeting will be held Sep. 23. At that time the company will seek approval for both the hiring of Rim as CEO, as well as the name change.
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