South Korea’s Naver, the country’s largest internet portal and maker of the popular messaging app Line, replaced its chairman and CEO.
In a shareholders meeting Byun Dae-kyu, chairman of set-top box maker Humax Holdings, was named as the new chairman replacing co-founder Lee Hae-jin, Yonhap reported. The company also confirmed Han Seong-sook as its new CEO taking over for Kim Sang-hun who led the firm for eight years.
Han, a VP who joined Naver in 2007, was originally named as the replacement CEO in October 2016, when Lee and Kim announced they would step down in 2017.
The changes are designed to assist the company’s efforts to expand to other markets, including Europe and North America.
Han, who becomes the first woman to lead one of South Korea’s top 30 companies by market capitalisation, drove the company’s shift to mobile over the past three years, Korea JoongAng Daily said.
While Lee will remain as one of seven board members, tasked with new business development in Europe, his departure marks the biggest change in the company’s management structure since it was founded in 1997, Yonhap said.