NAVER Founder Returns as Board Chair, CEO Reappointed

Seongnam, South Korea - NAVER Corporation announced on Wednesday that shareholders approved all proposed resolutions at its 26th Annual General Meeting, including the appointment of founder Lee Hae-jin as internal director and board chairman.

The meeting, held at NAVER's Green Factory headquarters in Seongnam, also confirmed the reappointment of CEO Choi Soo-yeon to the board, the company said in a statement.

NAVER's board recommended Lee's return, citing the need for strategic leadership during the artificial intelligence transformation period. 

According to the company, Lee's experience will complement Choi's management team as NAVER pursues its AI development strategy.

During her first term, Choi led NAVER to become the first Korean internet platform to reach an annual revenue of KRW 10 trillion. 

Her second term will focus on the company's "On-Service AI" strategy, which integrates AI technology across NAVER's business portfolio.

After relinquishing his Global Investment Officer position, Lee stated, "I will focus solely on my board role, supporting our young executives and engineers. "

Shareholders also approved the appointment of Kim Yi-bae, an accounting professor at Duksung Women's University, as a new outside director and audit committee member. In contrast, outside director Noh Hyuk-joon was reappointed.

When questioned about industry concerns that search technology will become obsolete in AI, Lee emphasized NAVER's 25-year history of competing with global technology companies.

"I think it would be sad if the whole world used only one or two search engines or AI systems," Lee said. "Our company's mission is to contribute to the diversity of the internet."

All five meeting agenda items passed, including approval of financial statements for fiscal year 2024 and directors' remuneration limits.