Launched 'Choi Su-yeon'... Sailing as a 'Global Naver'

Naver Appoints Choi Soo-yeon as New CEO at General Meeting
Evaluated as a Tech-Humanities Fusion Leader... "Ideal for Organizational Reform"
"Determined to Become a Global Brand Incubator Surpassing LINE, Webtoon, and Zepeto" with Global Expansion Ambition

[Asia Economy Reporters Kang Nahum and Lee Seungjin] "We will build leadership with global sensibility and expertise and continue technological innovation."

Naver has welcomed a new leader born in the 1980s. While laying the foundation for becoming a global top-tier internet company, it has completed a leadership transition from the 'founder generation' to a generation that grew up alongside the internet.

Generational Change with a ‘1980s-born CEO’

On the morning of the 14th, Naver appointed Choi, Head of the Global Business Support Division, as CEO and inside director through the regular shareholders' meeting and board of directors at its Green Factory headquarters in Seongnam, Gyeonggi Province. The term is three years.

Born in 1981, the new CEO Choi is regarded as a talent with a well-rounded background encompassing both science and humanities, having graduated from Seoul National University’s College of Engineering and attended Harvard Law School. While the previous CEO Han Seongsuk had specialized expertise in service planning, Choi, who majored in engineering and worked as a lawyer, possesses a balanced combination of technical expertise and humanities knowledge. He is evaluated as a ‘convergent leader’ who breaks the mold that an IT service expert must be CEO.

It is interpreted that Naver, which had internal and external difficulties including employees’ extreme choices, is renewing its organization with a convergent leader possessing humanities knowledge. He is also regarded as a figure who enjoys strong trust from Naver founder and Global Investment Officer (GIO) Lee Hae-jin.

In his greeting at the shareholders' meeting, CEO Choi declared, "We will experiment with business convergence, continuously create new businesses, and repay with market value that is properly recognized."

Naver’s Second Leap as a Global Company

Having marked last year as the first year of global expansion, Naver is again focusing on business growth this year in the U.S., Japan, Europe, and Southeast Asia. Accordingly, the new management faces the task of reorganizing the business portfolio and successfully incubating new businesses by creating synergy with domestic and international partners.

CEO Choi plans to pursue a more aggressive global offensive. He intends to establish a system where major businesses fulfill social responsibilities and legal obligations globally and expand global operations through synergy among businesses. He also plans to proactively invest in technology and human resources to discover new businesses that will grow globally.

CEO Choi said, "Going forward, Naver will become a new business incubator that continuously produces global brands surpassing Line, Webtoon, and Zepeto, which were created by previous management and members. We will establish a system to accelerate the growth speed of global businesses across various sectors."

Kim Namseon, the new Chief Financial Officer (CFO) and CEO Choi’s management partner, is also expected to play a significant role. Before joining Naver, he led major domestic and international M&A projects and investment and financial advisory work at global investment firms Lazard, Morgan Stanley, and Macquarie. Since joining Naver, he has led big deals such as the acquisition of Wattpad and equity swaps with Emart and Shinsegae.

Organizational Culture Improvement Also a Challenge

Improving organizational culture is another challenge for the new management. Last year, Naver faced turmoil due to an employee’s extreme choice caused by workplace harassment.

It is known that CEO Choi and CFO Kim focused on internal communication before their official appointments. They actively communicated with employees online and had candid discussions about various company issues. It is reported that they met with about 400 employees.

At the shareholders' meeting, CEO Choi said, "Being appointed CEO is a tremendous trust from shareholders in Naver’s business and members, and I understand it as a call to take on even greater challenges. I see restoring Naver’s unique corporate culture based on trust and autonomy as the immediate task for our leap forward."

In a meeting with reporters right after the shareholders' meeting, he also expressed his intention for continuous communication, saying, "I plan to write an email to employees first. I have a lot to say, and I believe employees also have much they want to hear." Regarding measures to eradicate workplace harassment, he said, "We plan to announce them this week. I would appreciate your patience."

Meanwhile, besides the appointment of CEO Choi, eight agenda items were passed, including approval of financial statements (including appropriation of retained earnings), appointment of inside director Chae Seonju, reappointment of outside director Jeong Dojin, appointment of outside director Noh Hyukjun, reappointment of audit committee member Jeong Dojin, appointment of audit committee member Noh Hyukjun, and approval of director remuneration limits.

This content was produced with the assistance of AI translation services.