“If my incompetence continues, I’m prepared to retire—even before this three-year term ends.”

This remark was made by KRAFTON CEO Kim Chang-han at the company’s regular annual shareholders’ meeting held on March 28, 2023. At the time, Kim acknowledged his responsibility for the falling share price and the sluggish performance of new titles. The question of whether he has met the condition he set for himself—whether his “incompetence” can be deemed to have persisted—is expected to become a core issue at the March 2026 shareholders’ meeting.

When Kim was reappointed in 2023, he faced fierce criticism from shareholders. The stock was hitting fresh record lows day after day, and there were loud doubts about the board’s rationale for recommending his reappointment. In response, Kim cited his journey from founding Jino Games in 2009 through the success of PUBG: Battlegrounds in 2017, and publicly pledged: “If I’m reappointed, I will make sure the capabilities we’ve built up during my term truly shine.”

Now, with the end of his term approaching, Kim’s report card shows a noticeable temperature gap between financial indicators and the share price.

On the performance side, growth has been clearly visible. KRAFTON posted KRW 870.6 billion in revenue and KRW 348.6 billion in operating profit in Q3 2025. That represents increases of 21.0% and 7.5%, respectively, year-on-year—and even compared to the prior quarter, revenue and operating profit rose 31.5% and 41.7%. It is further evidence that the PUBG: Battlegrounds IP (intellectual property) remains robust and is continuing to do its job as the company’s cash cow.

By contrast, the share price continues to weigh on Kim. When KRAFTON listed in August 2021, it began with an IPO offering price of KRW 498,000 and a first-day opening price of KRW 448,500. By March 2023, the stock had fallen to around KRW 150,000–180,000. As of December 22, 2025, it stands at KRW 247,000—up from around KRW 169,000 at the time of Kim’s reappointment, but still roughly half of the IPO price. It is also a burden that the stock, which had climbed to around KRW 390,000 in May, shifted into a downward trend in the second half of the year.

In the market, the reason the stock has failed to gain momentum despite strong results is often attributed to “one-game risk”—the view that while PUBG: Battlegrounds remains solid, the company lacks a sufficiently credible next growth engine to back it up. In particular, the emergence of legal risk involving Unknown Worlds, the developer of Subnautica, has left question marks over Kim’s investment judgment and risk-management capabilities.

Even so, both inside and outside the industry, many are not ruling out the possibility of Kim being reappointed again. The biggest reason is the lack of a clear alternative. When Jin Oh was brought in as CGPO (Chief Global Publishing Officer), there was speculation he might serve as a counterweight to Kim—or even as a replacement—but assessments so far suggest he has yet to deliver visible results. Likewise, the prevailing view is that Jang Tae-seok, who oversees PUBG, and CFO Bae Dong-geun have relatively limited track records to put them forward convincingly as the next CEO.

KRAFTON’s internal rules also mean the decision point is close. Under KRAFTON’s CEO succession plan, the company initiates a management succession process at least three months before the representative director’s term expires. The plan also includes a provision that, if necessary, the company may seek recommendations for a candidate pool through an external professional institution.

Given that the regular annual shareholders’ meeting is typically held in late March, the end of December effectively becomes a deadline by which the outline of the next leadership should emerge. Depending on whether a disclosure is made before the end of this month, it is expected to become clear whether Kim’s reappointment will be confirmed—or whether succession procedures will be activated to search for a new pool of candidates.

Ultimately, a pragmatic view is gaining strength: rather than accept managerial uncertainty by replacing leadership, it may be better to keep the current system in place and pursue stability. As defenders argue that the past three years have been too short a period for the company’s investments to bear fruit, while critics counter that KRAFTON has failed to diversify its IP portfolio, the final decision now rests with the board, including Chairman Chang Byung-gyu.

This article was translated from the original that appeared on INVEN.