Choi Su-yeon, Naver CEO, "Will Strengthen Platform Competitiveness in AI Environment"

Naver CEO Choi Soo-yeon stated at the shareholders' meeting that "we will strengthen platform competitiveness even in the generative artificial intelligence (AI) environment."

On the 26th, Naver held the 25th regular shareholders' meeting at 1784, Seongnam-si, Gyeonggi-do, and passed a proposal to newly appoint Byeon Jae-sang, former CEO of Mirae Asset Life Insurance, and Lee Samuel, co-founder of Indowers, as outside directors and audit committee members.

The company explained that based on the expertise the two candidates have accumulated in the finance and investment fields, they will be able to determine the direction of the business and provide effective opinions on management.

As a result, Naver's board of directors now consists of a total of seven members: ▲two inside directors including CEO Choi Soo-yeon and Chae Seon-joo, Head of External and ESG Policy ▲one non-executive director, Chairman of the Board Byeon Dae-gyu ▲and four outside directors including Jeong Do-jin, Noh Hyuk-jun, Byeon Jae-sang, and Lee Samuel.

In his greeting, CEO Choi said, "This year, we will provide users with advanced personalized content across various services such as search, shopping, and content," adding, "We expect that user experience applied to advertising will lead to expanded monetization."

To respond to changes in the online advertising market, Naver launched feed-type services such as Home Feed and short-form content, as well as new services like 'Chijijik' to attract new users. This year, the company plans to enhance advertising platform competitiveness by offering new advertising products preferred by a new pool of advertisers and improving existing products.

In the AI field, at the end of last November, Naver introduced the generative AI search service 'Cue:' into PC integrated search. In January of this year, it conducted tests for 'CLOVA for AD,' a new type of advertisement using generative AI, the first of its kind in Korea.

In the commerce business, Naver plans to strengthen strategic collaborations with various partners. It aims to enhance competitiveness by providing sellers with data- and technology-based solutions and profitability improvements, while offering consumers a wider variety of products and faster delivery. Naver Financial plans to improve user convenience by expanding its lineup of financial products.

In the content business, user engagement is being enhanced through the re-entry of original readers following the success of intellectual property (IP) video adaptations, strengthened AI recommendations, and the launch of community services. Efforts to expand monetization continue through the introduction of a reward-based advertising model.

In the business-to-business (B2B) sector, Naver is focusing on attracting customers by offering its AI technology as standardized cloud products. In November last year, it secured the first reference for 'Neuro Cloud,' a customized cloud service equipped with the large language model (LLM) 'HyperCLOVA X,' and provides 'CLOVA Studio,' an AI development tool capable of enterprise-customized tuning.

CEO Choi emphasized, "Last year, amid global economic uncertainties and a rapidly changing competitive environment, we laid the foundation for a greater leap forward," adding, "We will do our best this year as well to provide competitive services with the shareholders' interests as our top priority."

At the shareholders' meeting, Naver also passed proposals including ▲approval of the director remuneration limit and ▲approval of the 2023 financial statements.

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