Naver's Next Leadership: Song Chi-hyung Emerges as Strong Contender... Lee Hae-jin Says "He Will Greatly Contribute to New Technology Development"
by Kim Bokyung
Published 27 Nov.2025 14:02(KST)
Updated 27 Nov.2025 15:11(KST)
Chairman Song Becomes Largest Shareholder of Naver Financial
Possible Deep Involvement in Global Digital Businesses and Management
Lee and Song: Seoul National University Alumni
Lee: "Without M&As, Naver Might Have Disappeared"
With Naver's acquisition of Dunamu, industry insiders are speculating that Song Chi-hyung, Chairman of Dunamu, is being considered as the next leader of Naver. As Chairman Song will be able to exert influence as the largest shareholder of Naver Financial, there are expectations that he will become deeply involved in Naver's management as well.
On November 27 at the 'Naver 1784' headquarters in Seongnam, Gyeonggi Province, Lee Hae-jin, Chairman of Naver, praised Song during a joint press conference of the three companies, saying, "Chairman Song has achieved remarkable business results and possesses a deep technical understanding. He is someone who can make significant contributions to Naver's pursuit of new technologies."
The boards of Naver, Naver Financial, and Dunamu convened the previous day and approved a comprehensive share swap. As a result, Dunamu became a subsidiary of Naver Financial and a second-tier subsidiary of Naver. Through this transaction, Chairman Song became the largest shareholder of Naver Financial with a 19.5% stake, while Naver became the second-largest shareholder with a 17% stake.
Within the industry, it is widely believed that, although Naver will formally retain management control of the newly integrated entity, Chairman Song's influence will increase, making him a strong candidate for the next generation of leadership. It is known that Chairman Lee and Chairman Song are both alumni of the computer engineering department at Seoul National University and have a long-standing connection. However, it was also revealed that they have only actually known each other for two years.
Chairman Lee stated, "There have been reports suggesting that we have a long-standing friendship because we are alumni, but in reality, he is much younger than me and we have only really met about two years ago. Our personal relationship is not the reason for this collaboration." He added, "Chairman Song is a former genius developer with deep technical expertise, and he has a strong sense of curiosity and commitment to research," reiterating his high praise.
Chairman Lee also expressed the view that the company's business is more important than his own reduced stake, which resulted from multiple mergers and acquisitions. He said, "If we had not engaged in mergers and acquisitions (M&A), Naver might have remained a very small company or even disappeared altogether. I believe that business priorities should come first, and worrying about shareholding is not important."
He continued, "Even now, I do not run the company based on my shareholding. If I have value to offer, I contribute to the company. If not, it is right for more capable juniors to lead the company. That has always been my belief."
As speculation grows that Chairman Song is emerging as the likely successor in Naver's leadership structure, Chairman Lee addressed these views. In response to questions from reporters, he said, "Leadership in a company is not determined solely by changes in shareholding. Ultimately, those who can best guide the company will work together. While I believe Chairman Song is an excellent candidate, it is too early to discuss the next leadership at this stage."
Regarding the merger, Chairman Song stated, "It was such a significant decision that it was the longest I have ever deliberated in my life," explaining that he determined there would be greater global expansion potential by working with Naver. He also expressed his ambition to combine artificial intelligence (AI) and blockchain to build next-generation financial infrastructure and to create a global platform encompassing not only payment services but also a wide range of everyday services.
The future leadership structure will depend on whether the combined technological and organizational strengths of the three companies can deliver a leading business model in the global market. With seismic changes underway in the global financial ecosystem, they face the challenge of seizing new business opportunities. Before that, as the merger of a payment service provider and a virtual asset company has created a "fintech giant," the process must undergo review by financial authorities and the Fair Trade Commission.
Chairman Lee urged, "I hope society will warmly embrace and encourage new attempts and collaborations. For Korea to become a powerhouse in the AI era, more companies need to join forces."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.