CFO to replace current chief exec Seungwoo Choi by end of March

Nexon appoints Owen Mahoney as CEO

Free-to-play online game publisher Nexon has appointed its chief financial officer Owen Mahoney as the company’s new president and CEO, effective March 25th.

The appointment comes as incumbent Seungwoo Choi has announced his retirement. Choi will carry on serving the company in an advisory role as honorary chairman.

GM of the accounting and finance department Shiro Uemura will replace Mahoney as chief financial officer at the publisher, while general counsel Koji Abe will assume the role of chief administrative officer.

“I am delighted and honoured to have the opportunity to lead this outstanding company,” said 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.”

The company has also reported its 2013 fiscal results, with operating income falling 96 per cent in the three months ending December 31st to £1.9m. Net income also suffered, as Nexon recorded a £26m loss for the fourth quarter.

Despite this, revenues rose 12 per cent year-on-year to £202m thanks to a rise in its PC operations offsetting a slight decline on mobile.

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