Gravity (GRVY) said its new controlling shareholder will take over as chairman and joint chief executive.

The Seoul-based online game developer and distributor said Il Young Ryu will take those posts and replace the previous majority shareholder, Jung Ryool Kim, on the board. Ryu has previously been identified as Nichiei Ryu. Along with Taizo and Masayoshi Son, Ryu agreed last month to a takeover of Gravity.

"It will be an honor to become the new Chairman and joint-CEO of Gravity, a company with quality game development and global publishing capacity," Ryu said. "I will do my best to maximize the potential of Gravity's existing titles, development assets, global network and attractive pipeline. I believe that a great team is in place with strong employees and partners, which will allow Gravity to become one of the world's best online gaming companies."

David Yoon, the incumbent CEO of Gravity, added, "I look forward to working together with Mr. Ryu, the new joint-CEO, given his extensive professional experience in the gaming industry and vast knowledge of the Japanese and Korean gaming market. With his proven track record, Mr. Ryu is certain to be a huge asset to Gravity as the company moves forward and executes on its business plan."

Tuesday's developments came as Gravity announced that Japanese music maestro Yoko Kanno has agreed to compose 90 songs for the company's Ragnarok Online 2 game. Gravity said Kanno will meet her fans on Friday at Gravity's booth at the Tokyo Game Show 2005.

On Tuesday, Gravity rose a penny to $8.75.

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