Nexon founder Kim Jung-ju has died at the age of 54.

The game developer's holding company, NXC, announced on Tuesday that Kim died late last month in the U.S.

In its statement, NXC asked for understanding that the company cannot give more information as all of Kim’s bereaved family members are devastated. It did say, however, that the deceased had been receiving treatment for depression and that his condition had worsened recently.

Kim founded Nexon with just 60 million won in capital in 1994, a time when online games were relatively unknown. In just a few years, Kim managed to make Nexon one of the nation’s top three gaming companies, along with NCSoft and Netmarble.

Kim took up the post of CEO in June 2005, some ten years after he founded Nexon. Less than a year-and-a-half later, however, he resigned to become CEO of holding company NXC. He headed NXC until last summer.

In 2011, Nexon was listed on the Tokyo Stock Exchange. Among its popular game franchises are "Nexus: The Kingdom of the Winds," "Dungeon Fighter" and "KartRider."