Nexon recruits 'Dungeon Fighter Online' developer as savior

By Jun Ji-hye

Nexon founder Kim Jung-ju has decided to recruit Hur Min, a developer of popular online game “Dungeon Fighter Online” and founder of WeMakePrice, to spearhead the reorganization of Korea's largest game maker after his failed bid to sell the company, according to industry officials Wednesday.

The recruitment is apparently aimed at facilitating ongoing efforts to realign the game company and raise its competitive power in the game business after Kim, who is now CEO of Nexon's holding company NXC, tried and failed to sell control of NXC.

Sources said Kim decided recently to put Hur, CEO of Wonder Holdings, on the management of Nexon Korea in a bid to freshen up the atmosphere of the game company and improve its performance.

“The two are now in talks to agree on an exact position for Hur and the timing for him to join the company,” an industry source familiar with the issue said.

Kim is also considering purchasing shares in Wonder Holdings, the largest shareholder of WeMakePrice.

Hur founded “Dungeon Fighter Online” developer Neople in 2001.

He sold Neople to Nexon Korea for 380 billion won in 2008, and the game is now Nexon's flagship game and is especially popular in China. Sales of the game account for more than half of the company's entire sales.

When Nexon acquired Neople, Hur did not come along with it, instead founding WeMakePrice in 2010.

But Kim and Hur have continued to maintain a cooperative relationship. In 2015, Kim invested 100 billion won in WeMakePrice through NXC.

Nexon Korea suffered an operating loss of 12.8 billion won last year. New mobile games the firm has released this year have also appeared to fall short of market expectations.

Nexon Korea CEO Lee Jung-hun told reporters, July 30, “It is true that Nexon has failed to make notable achievements in overseas markets,” stressing the need for changes.

The company is now moving to reorganize its business structure by integrating units in charge of PC online games and mobile games.

Once the recruitment process is completed, Hur is expected to lead the development of new games at Nexon Korea.

Regarding the issue, a Nexon Korea official said, “There is nothing I can tell.”

Kim previously put NXC's 98.64 percent stake owned by himself, his wife and his private company, on the market.

NXC owns Nexon, which is based in Japan, and the Japanese entity controls Nexon Korea.

But the takeover battle participated in by Kakao, Netmarble and private equity funds eventually foundered reportedly due to high acquisition price estimated at more than 10 trillion won ($8.2 billion).