Naver CEO Choi Soo-yeon's 2024 pay climbs 54% to 30.29 billion won
Naver, South Korea’s internet-services powerhouse, disclosed its 2024 annual report on compensation for its executives and key staff. Chief executive Choi Soo-yeon earned a total of 30.29 billion won in compensation last year, a roughly 54% rise from 2024’s 19.69 billion won. Her pay included a base salary of 9.0 billion won, a 20.61 billion won annual bonus, 67.5 million won in other earnings, and 5,370 restricted stock units, valued at 191,000 won per share at grant. The RSUs make up 35% to 40% of her total remuneration.
Board notes accompanying the disclosure credit the increased pay to strong 2024 performance and strategic progress. They cite revenue of 10.73 trillion won (vs. a target of 10.32 trillion), operating profit of 1.97 trillion won (vs. 1.74 trillion target), and pre-Depreciation EBITDA of 2.65 trillion won (vs. 2.45 trillion target). The board also highlighted growth from AI-enabled, highly personalized services, a new shopping feature aimed at boosting commerce, broader partnership and loyalty programs, and success in content services, including a leading position for the company’s short-form video ecosystem and its streaming platform.
The RSU component is granted to align the executive’s incentives with long-term performance. The chairs noted that the vesting of 5,370 shares depends on the stock’s relative performance within the KOSPI 200 index, with a possible payout range of 0 to 150%.
Chairman Lee Hae-jin, the founder, earned a total of 2.437 billion won, comprised of 1) salary of 1.54 billion won, 2) a 760 million won bonus, and 1360 million won in other earnings for the year. The board said his compensation reflected his duties as founder and as chair, including leadership in the company’s governance and strategic direction.
Former minister Han Seong-sook, who previously led the Ministry of SMEs and Startups, is cited among the top earners. She received 10.343 billion won in total compensation, including 3.75 billion won in salary, 3.42 billion won in bonuses (RSU included, based on 1790 shares at 191,000 won), 4.69 billion won in other earnings, and 4.038 billion won in retirement pay. She also realized 51.21 billion won in profit from exercising stock options, culminating in the largest total compensation on the slate.
Other high earners included Cha Seon-ju, who leads strategic initiatives for Saudi Arabian operations, with 2.011 billion won, and Kim Beom-jun, the chief operating officer, with 1.857 billion won. These figures place both among the top five by compensation for the year.
As of year-end, Naver employed 5,047 people, including temporary workers. Excluding gains from stock-option exercises, the company’s total annual cash compensation for 2024 was about 695.8 billion won, averaging roughly 14.3 million won per employee. This disclosure reflects Korea’s public-company reporting standards and offers insight into executive compensation, stock-based pay structures, and governance at one of Asia’s largest tech platforms.
Why this matters beyond Korea: Naver’s compensation disclosures shed light on how major Korean tech firms reward leadership tied to AI, digital advertising, e-commerce, and content services—areas of intense global competition and investment, including in the United States. The mix of high fixed pay, performance bonuses, and substantial RSUs signals a governance approach that aligns executives with long-term stock performance and strategic growth, a model increasingly observed in U.S. tech firms as AI initiatives and cross-border partnerships shape markets.
The report also underscores cross-border relevance of Naver’s strategy. The company emphasizes AI-based personalization, a broadening of commerce services, and content platforms that compete with global streaming and social-media ecosystems. For U.S. investors and policymakers, the disclosures illustrate how South Korean tech firms structure compensation to retain leadership amid rapid global expansion and evolving regulations around data, privacy, and antitrust in digital markets. The involvement of a former government minister among top earners also highlights the close interplay between Korea’s technology sector and government policy, an area of ongoing international interest.