Kim Jung-ju

For other people named Kim Jeong-ju, see Kim Jeong-ju (disambiguation).
In this Korean name, the family name is Kim.

Kim Jung-ju
김정주
Portrait photograph of Kim smiling, while wearing a black lanyard.
Kim in 2016
Born(1968-02-22)22 February 1968
Seoul, South Korea
Died28 February 2022(2022-02-28) (aged 54)
Hawaii, United States
Other namesJay Kim, JJ
EducationSeoul National University, KAIST, Korea National University of Arts
Occupations
  • Businessman
  • investor
Known forFounding Nexon
TitleCEO of NXC Corporation
Korean name
Hangul
김정주
Hanja
金正宙
Revised RomanizationGim Jeongju
McCune–ReischauerKim Chŏngju
IPA[kimdʑʌŋdʑu]

Kim Jung-ju (Korean: 김정주; 22 February 1968 – 28 February 2022), also known as Jay Kim,[1] was a South Korean businessman, investor, and founder of Korea's largest gaming company, Nexon. He was the chairman and CEO of NXC Corporation, the holding company of Nexon, and a partner at Collaborative Fund, a New York-based venture capital firm.

Kim died on 28 February 2022 at the age of 54, while travelling in Hawaii. At the time of his death, he was the third-wealthiest person in Korea.

Early life and education

[edit]

Kim was born in Seoul on 22 February 1968.[2] He held a B.S. in Computer Science and Engineering from Seoul National University and an M.S. in Electrical Engineering and Computer Science from Korea Advanced Institute of Science and Technology (KAIST), where he taught as adjunct professor in 2011. He also earned an MFA in Arts Management from Korea National University of Arts.[3][4]

Career

[edit]

Kim founded Nexon in 1994, while pursuing a doctorate in computer science and engineering at KAIST.[5] Under Kim's leadership, Nexon launched the world's first graphic massively multiplayer online role-playing game (MMORPG), Nexus: The Kingdom of the Winds and released popular titles such as MapleStory, KartRider, Mabinogi and Dungeon&Fighter.[6][7] With offices in Korea, Japan, United States, Europe and Taiwan, Nexon services over 100 online and mobile games to over 190 countries.[8][9] In 2005, the company moved its headquarters from Seoul, South Korea to Tokyo, Japan and went public on the Tokyo Stock Exchange in 2011. Nexon is valued at over US$13 billion as of March 2019.[10]

In 2009, Kim consolidated his and his family's majority holding of Nexon by establishing NXC Corporation, where he served as CEO until July 2021.[5] He is known for acquiring firms and investing in various fields.[11] Being an avid Lego fan,[12] he purchased Bricklink in 2013, an online marketplace for Lego toys. The website was sold to The Lego Group in 2019.[13] In 2014, NXC acquired Stokke, a premium children's furniture manufacturer[14] and later purchased JetKids to join Stokke in 2018.[15] Other acquisitions include Korbit in 2017[16] and Bitstamp in 2018, both major cryptocurrency exchanges based in South Korea and Europe, respectively.[17] Some of his investments through NXC include SmartStudy, SendBird and OnDemandKorea.[18] In 2019, according to media reports, it was announced that Kim was preparing to sell his controlling stake in NXC Corp for an estimated $9 billion (USD).[19]

In 2014, Kim joined Collaborative Fund as a partner.[20] At the time, Collaborative's founder and managing partner Craig Shapiro welcomed Kim as a “bootstrap” business expert at the firm, as he had built Nexon into a multi-billion dollar business without taking any venture capital investment. Among other contributions, Kim was interested in helping startups expand their businesses outside the US, stating that localization efforts from an early stage can help brands reach a more global audience.[21]

In 2016, Kim was charged with suspicious stock transactions and bribery after giving South Korean prosecutor Jin Kyung-joon more than 920 million South Korean won (US$790,000).[22] According to prosecutors, Kim had given Jin ₩420 million (US$367,149) to purchase unlisted Nexon Korea stock in 2005, which Jin then sold for US$880,000 in the following year.[23] Prosecutors also alleged Jin received ₩50 million (US$43,708) from Kim for overseas trips.[24] The scandal prompted Kim to issue an apology and resign from Nexon's board of directors in July 2016.[22][24]

Philanthropy

[edit]

Kim's philanthropic endeavors largely support next generation youth, especially in the areas of technology, health and education.[25] In 2013, he established Asia's first computer museum, Nexon Computer Museum on Jeju Island in South Korea. He collected valuable computer and gaming collectibles for ten years with the goal of opening such a museum dedicated to the history of technology.[26]

In 2016, NXC, in conjunction with Nexon and Neople, contributed over US$18 million towards the establishment of Korea's first pediatric rehabilitation hospital, Purme Foundation Nexon Children's Rehabilitation Hospital in Seoul, South Korea.[25] In 2018, Kim established the Nexon Foundation, which continues Nexon's corporate social responsibility activities dedicated to children, and he pledged to donate an additional US$93 million from personal wealth to fund startups and build more children's hospitals.[27] In February 2019, the foundation announced its donation of US$9 million in support of a second children's rehabilitation hospital to be built in Daejeon, South Korea. The Daejeon Chungnam Nexon Children's Rehabilitation Hospital, which is expected to complete by September 2022,[28] will be the first public children's rehabilitation hospital in Korea.[29] In October 2020, the foundation announced its donation of ₩10 billion (US$8,500,000)[30] to Seoul National University Hospital (SNUH) to fund the establishment of the Nexon Children's Palliative Care Center, which is set to open in 2022.[30][31] Kim was recognized in Forbes' Asia's 2021 Heroes of Philanthropy list for his donations to the two children's hospitals.[31]

In addition, Nexon Foundation runs the Nexon Youth Programming Challenge, an annual computer programming event, and the Nexon Small Library project, a network of 130 public libraries created for children in underserved communities.[32] In partnership with Nexon Foundation, Kim founded SOHO Impact, a US-based non-profit organization promoting creativity in kids through brick play programs.[33] He was also a founding board member of C-Program, a venture philanthropy fund jointly established by the founders of Nexon, Naver, Kakao, Daum and NCSoft.[34]

Recognition

[edit]

Kim was a key figure behind Korea's first-generation tech wave, launching Nexon in 1994 as a game-developing startup and pioneering the freemium gaming business model.[6] In 2010, he was selected as one of Korea's Top 100 Leaders in Technology.[35] In 2012, he received the Presidential Award, Tin Tower Order of Industrial Service Merit for his contributions as a distinguished entrepreneur in South Korea.[36]

In 2013, Forbes ranked Kim as South Korea's 11th richest person, with an estimated net worth of US$1.6 billion.[37] By the end of 2018, he was ranked 5th, with a net worth estimated at US$7.1 billion.[38] At the time of his death at the end of February 2022, he was the third richest person in the country, with an estimated net worth of US$10.7 billion.[39]

Personal life and death

[edit]

Kim was married to Yoo Jung-Hyun, and together they had two daughters.[2] He died on 28 February 2022, aged 54,[40][41] while travelling in Hawaii.[42] According to Nexon holding company NXC, which announced Kim's death on 1 March,[40] he had been receiving treatment for depression, which "seemed to have worsened recently". The exact cause of death was not disclosed out of respect for his family.[42][1]

References

[edit]
  1. ^ a b "South Korean gaming co Nexon founder Jung-ju Jay Kim dies". TechCrunch. Archived from the original on 7 March 2022. Retrieved 2 March 2022.
  2. ^ a b Kim, Sohee; Lee, Yoojung (1 March 2022). "Kim Jung-ju, Founder of Game Developer Nexon, Dies at 54". Bloomberg. Archived from the original on 2 March 2022. Retrieved 2 March 2022.
  3. ^ Kim, Jungju. "Jungju (Jay) Kim". LinkedIn. Retrieved 2 March 2022.
  4. ^ "Kim Jung-ju profile". Forbes. Archived from the original on 29 October 2017. Retrieved 2 March 2022.
  5. ^ a b "Kim Jung-ju, Nexon founder and iconoclastic leader, is dead at 54". JoongAng Daily. 2 March 2022. Archived from the original on 2 March 2022. Retrieved 2 March 2022.
  6. ^ a b "Bloomberg Billionaires Index - Kim Jungju". Bloomberg. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  7. ^ Chen, Lulu Yilun (28 May 2014). "Tencent $1 Billion Game Shows Global Hunt for Mobile Hits". Bloomberg News. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  8. ^ Einhorn, Bruce (21 August 2019). "Nexon, Asia's 'Freemium' PC Game Pioneer, Gets More Mobile". Bloomberg Businessweek. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  9. ^ "Nexon Ushers in the Next Generation of MMORPGs on Mobile with AxE: Alliance vs Empire". AP NEWS. 16 January 2019. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  10. ^ "3659:Tokyo Stock Quote - Nexon Co Ltd". Bloomberg. Archived from the original on 4 April 2019. Retrieved 29 March 2019.
  11. ^ Hong, Seung Hwan (2 February 2016). "[SUPER RICH] Kim Jung-ju's business investments". The Korea Herald. Archived from the original on 8 November 2017. Retrieved 23 December 2017.
  12. ^ "BrickLink.com Announcement". www.bricklink.com. Archived from the original on 22 October 2021. Retrieved 2 March 2022.
  13. ^ "Nexon founder sells BrickLink to LEGO in streamlining move after botched gaming deal". Maeil Business Newspaper. 28 November 2019. Archived from the original on 2 March 2022. Retrieved 2 March 2022.
  14. ^ Stoll, John D. (13 December 2013). "Korean Firm Buys Norway's Tripp Trapp Chair Maker". The Wall Street Journal. ISSN 0099-9660. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  15. ^ Brechlin, Alexandra (24 May 2018). "New in the Stokke family: JetKids and Barnombord". Luna Journal. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  16. ^ Russell, Jon (28 September 2017). "Confirmed: Korean crypto exchange Korbit sold to Nexon parent for $80M". TechCrunch. Archived from the original on 7 March 2022. Retrieved 24 March 2019.
  17. ^ Chavez-Dreyfuss, Gertrude (29 October 2018). "European investment firm buys digital exchange Bitstamp in all cash deal". Reuters. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  18. ^ "NXC Corp website: Investments". NXC. Archived from the original on 4 April 2019. Retrieved 24 March 2019.
  19. ^ Yang, Heekyong (2 January 2019). "Nexon founder to sell controlling stake in gaming company's holding firm". Reuters. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  20. ^ Lawler, Ryan (26 February 2014). "Collaborative Fund Raises $33 Million Second Fund, Adds Nexon Founder Jay Kim As Venture Partner". TechCrunch. Archived from the original on 13 December 2019. Retrieved 24 March 2019.
  21. ^ Kolodny, Lora (7 April 2014). "Collaborative Fund's Jungju "Jay" Kim Encourages Startups to Raise Capital Carefully (Not Because They Can)". WSJ. Archived from the original on 23 October 2015. Retrieved 5 April 2019.
  22. ^ a b Ji-young, Sohn (29 July 2016). "Nexon founder steps down from board amid corruption scandal". The Korea Herald. Archived from the original on 3 March 2022. Retrieved 3 March 2022.
  23. ^ Sang-Hun, Choe (17 July 2016). "Top South Korean Prosecutor Arrested on Charges He Accepted Bribes". The New York Times. ISSN 0362-4331. Archived from the original on 3 March 2022. Retrieved 3 March 2022.
  24. ^ a b Jung-a, Song (29 July 2016). "Corruption scandal transfixes South Korea". Financial Times. Archived from the original on 3 March 2022. Retrieved 3 March 2022.
  25. ^ a b Sohn, Jiyoung (27 February 2018). "Nexon Foundation launches to support children in Korea and abroad". The Korea Herald. Archived from the original on 27 February 2018. Retrieved 26 February 2018.
  26. ^ Kwon, Bum-joon (8 July 2013). "Korea's first computer museum to open on Jeju". The Korea Herald. Archived from the original on 4 April 2019. Retrieved 24 March 2019.
  27. ^ Lee, Sun-hee (29 May 2018). "Nexon founder Kim Jung-ju pledges society donation of $93 million". Pulse by Maeil Business News Korea. Archived from the original on 7 March 2022. Retrieved 5 February 2019.
  28. ^ "넥슨 '대전 어린이재활병원' 2022년 문 연다…100억 기금 기부". 데일리안 (in Korean). 22 December 2020. Archived from the original on 5 March 2022. Retrieved 5 March 2022.
  29. ^ "[리포트]넥슨, 공공어린이 병원에 100억 기부". MBC News (in Korean). Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  30. ^ a b "넥슨재단". nexonfoundation.org. Archived from the original on 4 March 2022. Retrieved 4 March 2022.
  31. ^ a b Watson, Rana Wehbe. "ASIA'S 2021 HEROES OF PHILANTHROPY". Forbes. Archived from the original on 14 December 2021. Retrieved 15 December 2021.
  32. ^ "Nexon Foundation website". Nexon Foundation. 31 March 2019. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  33. ^ "Leaders In Creative Play Movement To Engage Over 75,000 Kids Across LAUSD..." PR Newswire. 5 October 2018. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  34. ^ "C-Program website: Who we are". C-Program (in Korean). 24 March 2019. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  35. ^ "NEXON Corporation website: About Us". Nexon. Archived from the original on 4 April 2019. Retrieved 24 March 2019.
  36. ^ "[스타트업이 미래다]2012 벤처창업대전 화려한 폐막". ET News (in Korean). 3 December 2012. Archived from the original on 4 April 2019. Retrieved 4 April 2019.
  37. ^ "South Korea's 50 Richest List - 2013". Forbes. web.archive.org. 28 April 2013. Archived from the original on 28 April 2013. Retrieved 5 March 2022.
  38. ^ "Korea's 50 Richest People - 31 December 2018". Forbes. web.archive.org. 31 December 2018. Archived from the original on 31 December 2018. Retrieved 5 March 2022.
  39. ^ "Korea's 50 Richest List - 28 February 2022". Forbes. web.archive.org. 28 February 2022. Archived from the original on 28 February 2022. Retrieved 5 March 2022.
  40. ^ a b Hyeong-woo, Kan (1 March 2022). "Nexon founder Kim Jung-ju dies at 54". The Korea Herald. Archived from the original on 3 March 2022. Retrieved 6 March 2022. Nexon's holding company NXC said Tuesday evening that Kim died in Hawaii, US, on Feb. 28.
  41. ^ Takahashi, Dean (1 March 2022). "Nexon founder Jung-Ju Kim passes away at 54". VentureBeat. Archived from the original on 2 March 2022. Retrieved 2 March 2022.
  42. ^ a b "Nexon founder Kim Jung-ju dies". Korea Times. 1 March 2022. Archived from the original on 1 March 2022. Retrieved 2 March 2022.
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