NHN Payco Officially Appoints Seungkyu Jeong as New CEO

Jung Seung-kyu, the new CEO of NHN Payco. Provided by NHN Payco

NHN's payment service subsidiary NHN Payco announced on the 2nd that it has officially appointed Seungkyu Jeong, Chief Operating Officer (COO), as its new CEO.

Jeong, who currently also serves as Vice President at NHN KCP, has led the development and operation of payment services overall and will spearhead efforts to enhance NHN Payco's business efficiency and competitiveness going forward.

New CEO Jeong stated, "I feel a heavy responsibility representing the company during these challenging times," adding, "This year, I will focus on restructuring Payco's business and improving management efficiency, laying the foundation for stable profit generation and doing my best to maintain the trust of customers and the market."

Last year, NHN Payco suffered unpaid receivables amounting to 130 billion KRW due to the Tmon and Wemakeprice (Timep) incident. Despite NHN's consolidated sales increasing by 6.4% year-on-year in the third quarter, the parent company posted an operating loss of 113.4 billion KRW, turning to a deficit.

To maximize synergy among payment business affiliates, NHN Payco will relocate its headquarters to the Guro Digital Complex, where KCP is located. Additionally, it plans to actively expand its online and offline platforms by focusing its capabilities on existing strategic business areas.

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