Naver appoints new chairman, CEO
By Yoon Sung-won
Naver appointed Byun Dae-gyu and Han Seong-sook as the new board chairman and CEO, respectively, the company said Friday.
The nation’s top internet service provider held a general meeting of shareholders and a board directors’ meeting at its headquarters in Bundang, Gyeonggi Province, to vote for the appointment of new top decision-makers.
Byun, who also chairs world’s leading set-top box maker Humax Holdings, will be the first to work as Naver’s board chairman from outside of the company. After leaving his position as the board chairman, Naver founder Lee Hae-jin is expected to concentrate on Naver’s startup investment in Europe.
Han will replace the current CEO Kim Sang-hun who headed the firm for the past eight years.
Han became the first woman CEO to lead the internet service company. She joined Naver in 2007 and has led the growth of the company’s key mobile services such as instant payment, live video streaming and shopping.
“I will lead the company while listening to the voices of our shareholders carefully,” Han said. “I plan to foster the company as a provider of technology platform through further expanding support for content creators and small businesses for mutual growth.”
Kim said, “Han is already doing so well that I don’t need to give her any advice.” He said he will retire from management and continue to contribute to Naver by assuming an advisory role only.
As the first global move under Han’s stewardship, Naver said Friday it will invest 100 billion won ($88.35 million) in YG Entertainment.
Naver said it will develop diverse entertainment content including music. It also plans to strengthen its internet video streaming service for idol stars, dubbed “V Live,” under the partnership with YG Entertainment.
“We expected Naver services like the global V Live platform and YG’s entertainment content to synergize in the global market,” a Naver official said. “We will strengthen partnerships with more entertainment companies to release diverse content and services.”
The appointment of the new chief decision-makers of Naver has been hailed by the industry as it struck a stark contrast to that of other Korean conglomerates run by owner families.
Lee Jae-woong, who founded Korea’s second-largest web portal Daum, said through his social networking service message that Naver’s leadership change is a “new model of the Korean economy.”
On Friday, the shareholder’s meeting also voiced for the separation of Naver’s webtoon business unit as a separate subsidiary. Kim Jun-koo, who has led Naver’s webtoon business from its beginning, will take the CEO position of the new unit.
National Pension Service holds 11.27 percent of Naver as its largest shareholder as of September last year. The Naver founder has about 4 percent share.