Owen Mahoney stepped down as Nexon’s president and CEO through a planned succession, not a publicly documented firing or crisis. Nexon said he would leave the role when his term ended at the company’s March 2024 annual shareholders’ meeting. Mahoney said he chose that moment because leadership succession and long-term shareholder returns are best planned while a company is performing well and has a capable successor ready.
What Nexon announced
On November 9, 2023, Nexon said Mahoney would retire as representative director, president and CEO at the end of his term at the 22nd Annual General Meeting of Shareholders in March 2024. The company named Junghun Lee, then a Nexon director and CEO of NEXON Korea, as his successor. Mahoney was to remain a director and senior adviser to the CEO, without representative rights. Nexon’s announcement described a leadership transition tied to the end of Mahoney’s term.
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Why Mahoney said the timing made sense
In a November 2023 interview with GamesBeat, Mahoney framed the decision as a matter of succession planning and corporate governance. “Ten years is a very long time to be CEO,” he said. He explained that companies should think about long-term shareholder returns and maintain a strong bench of potential leaders. In his view, it is better to hand over leadership while a company is doing well than to wait until it is struggling. The interview is the clearest public account of his own reasoning.
Mahoney also pointed to Nexon’s recent business momentum at the time, citing a seventh consecutive quarter of double-digit year-over-year growth and a strong game pipeline. Those were his descriptions in November 2023, not evidence that a particular performance figure caused his departure or a measure of the company’s current results.
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Why Junghun Lee was chosen
Nexon’s succession notice said Lee had spent 20 years in the Nexon group and had experience in strategy and management. A separate company announcement reported that NEXON Korea revenue grew at a 19% compound annual growth rate from 2018 to 2022 under Lee’s direction. That figure refers specifically to NEXON Korea over that period; it is context for Lee’s experience, not proof that the growth rate determined Mahoney’s departure. Nexon’s announcement about Lee provides the company’s account of his background and that performance measure.
Mahoney’s tenure and the handoff
Mahoney had been with Nexon for 13 years: three as CFO and ten as CEO, according to the company’s FY2023 shareholder letter. The letter credited his leadership with helping Nexon enter new markets and platforms. Mahoney described his time at the company as rewarding and welcomed the next generation of leadership. Read Nexon’s FY2023 shareholder letter.
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The transition took effect in 2024: Nexon’s current About page identifies Lee as president and CEO.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the public explanation does—and does not—establish
The documented explanation is a planned handoff at the end of Mahoney’s term, with succession readiness, governance and shareholder returns as the reasons he gave for the timing. The public statements cited here do not establish a more private motive, nor do they identify a scandal, forced exit or performance crisis as the cause.
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- Compatible with most online publishers and games—NEXON GAME CARD is supported by over 15 game publishers
- Flexible options—combine balances from multiple cards, spend only the balance you want, and no credit card required. Perfect for any occasion—great as a gift, allowance, or credit card alternative for online games.
- To redeem: Visit nexongamecard.com for information on where to redeem this virtual card. Follow the checkout process on the website of any participating game. Choose NEXON GAME CARD in the checkout, and then enter the code shown on your card.
- No returns and no refunds on gift cards.
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- Compatible with most online publishers and games—NEXON GAME CARD is supported by over 15 game publishers
- Flexible options—combine balances from multiple cards, spend only the balance you want, and no credit card required. Perfect for any occasion—great as a gift, allowance, or credit card alternative for online games.
- To redeem: Visit nexongamecard.com for information on where to redeem this virtual card. Follow the checkout process on the website of any participating game. Choose NEXON GAME CARD in the checkout, and then enter the code shown on your card.
- No returns and no refunds on gift cards.
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- Enjoy additional digital content in your favorite online games with NEXON GAME CARD!
- Compatible with most online publishers and games—NEXON GAME CARD is supported by over 15 game publishers
- Flexible options—combine balances from multiple cards, spend only the balance you want, and no credit card required. Perfect for any occasion—great as a gift, allowance, or credit card alternative for online games.
- To redeem: Visit nexongamecard.com for information on where to redeem this virtual card. Follow the checkout process on the website of any participating game. Choose NEXON GAME CARD in the checkout, and then enter the code shown on your card.
- No returns and no refunds on gift cards.
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