Logo of Phnom Penh Post newspaper Phnom Penh Post - South Korean Naver’s new CEO sets sights on world

South Korean Naver’s new CEO sets sights on world

Content image - Phnom Penh Post
Naver’s new Chief Executive Officer Choi Soo-yeon during an interview. NAVER

South Korean Naver’s new CEO sets sights on world

South Korea’s Naver will become an incubator that creates innovative technology penetrating the global market and seek to go beyond providing services that are popular today, according to the company’s new CEO.

“Not only did all businesses owned by Naver begin with the thought of going global from the start, but all of the objectives also point to going global,” Naver CEO Choi Soo-yeon said at a meeting with shareholders and board of directors where she was appointed as the new chief.

The information technology (IT) giant will focus all of its management efforts on becoming a global top-tier internet company, it added.

The appointment of the 41-year-old female executive marks a major shift in its management, the company said. Choi is the youngest CEO to lead Naver, South Korea’s fourth-largest company by market capitalisation. Having Choi as CEO signifies that the management will be led by the younger generation who grew up with the internet, and no longer by those who pursued evolution of the platform businesses.

“With the generous support from shareholders over the past 20 years, Naver has grown into a very unique company in the history of the internet with cutting-edge technological leadership and a diverse business portfolio such as search engine, commerce, content, fintech, cloud, AI [artificial intelligence] and robots,” said Choi.

“On top of establishing a system that can speed up the growth of global businesses in various sectors, we will continue to create new businesses by experimenting through convergence between businesses and repay [shareholders] with properly evaluated market values.”

Since hitting the all-time high of 465,000 won ($375) per share in July, Naver’s stock price has plummeted and once dropped to 297,000 won in January. There were signs of a small recovery, but it has not tapped 340,000 won in the last 50 days.

The new CEO said she would help restore Naver’s corporate culture based on trust and autonomy. The company came under fire in May when an employee was found dead and had left a message that alleged workplace bullying. The incident triggered a wave of criticism, dragging down the company’s reputation and corporate image as an innovative company offering workers equal and fair opportunities.

According to Naver, the new CEO has met hundreds of employees since her nomination in November to get to know each team better and strengthen communication.

Born in 1981, Choi joined Naver in 2005 as a Seoul National University graduate with a degree in civil engineering.

She worked in communication and marketing for four years before going to law school at Yonsei University. She later attended Harvard Law School. As a lawyer, Choi specialised in mergers and acquisitions, capital markets, and corporate governance. Since rejoining Naver in 2019, she has played a core role in expanding the firm’s global businesses and implementing company-wide strategies.

THE KOREA HERALD/ASIA NEWS NETWORK

MOST VIEWED

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’