After the acquisition, Webtoon brought new leadership from Korea to replace all existing leaders (executive levels etc). Since then, the company has been going downhill for the following reasons:
- Company goals / kpis are dropping very quickly, as the new leadership doesn't understand how the business works nor listens to staff about how to improve them
- Cultural conflict: The new leadership is attempting to command and control, which is damaging morale and tenured / high performing employees are leaving in droves.
- There is no strategy or direction from leadership - and whenever pressed for it employees told to "keep quiet"
- Teams/employees have no autonomy or empowerment. Unfortunately the new culture is expecting people to be told what to do (and not to question things)
- There is no career growth and lack of interest in developing in career paths for employees
- Bonuses for 2024 are zero (except for a select few folks), minimal raises and no rehiring over people who leave (which means more work for less money).
- The new leadership from Korea has never been in executive roles before, nor have run a company. Unfortunately the combination of ego, incompetence and lack of experience means the employees will suffer and the companys performance will continue to go downhill
Side note: Allen Lau is no longer the CEO post-acquisition (The Glassdoor info needs to be updated)