Former Naver CEO Han Seong-sook tops pay disclosures; now Korea's startups minister
Naver Corp., Korea’s dominant internet and AI company (stock ticker 035420), published its annual executive pay disclosures, highlighting that former CEO Han Seong-sook topped the list with total compensation of 103.43 billion won for last year. Han, who previously led Naver and later headed its European business development before leaving the company, currently serves as South Korea’s Minister of SMEs and Startups.
The disclosure breaks down Han’s pay as 3.75 billion won in salary, 3.42 billion won in bonuses, 4.69 billion won in other earned income, 40.38 billion won in retirement pay, and 51.2 billion won in other income. The report notes that restricted stock units (RSUs) were reflected in the bonus figure, and that the RSU allocation for this year is set at 100%. Han was granted 1,790 RSUs at 191,000 won per share.
Naver’s 2024 top executive pay is dominated by Cho Soo-yeon, who had previously led the company as the highest earner in 2024. Cho’s reported total compensation for last year was 3.029 billion won, down from first place the prior year. The breakdown lists a 900 million won salary, a 2.061 billion won bonus, and 67.5 million won in other earned income. RSUs accounted for all of the bonus, with 5,370 RSUs issued at 191,000 won per share.
Other senior executives at Naver also drawn sizable compensation. Chairman Lee Hae-jin earned 2.437 billion won, Strategic Business Chief Chae Seon-ju received 2.011 billion won, and Chief Operating Officer Kim Beom-jun earned 1.857 billion won. As with the top earners, these executives’ RSU awards were included in their reported compensation, effectively adding the value of the stock to the cash-based pay.
Naver’s annual report also notes workforce and compensation trends. The company employed 5,047 people (including temporary staff) last year, with an average salary per employee of 146 million won, up by about 1.7 million won from the previous year. The figures illustrate how Korea’s leading tech firms are balancing high executive equity compensation with growing payroll costs as they scale engineering, AI and digital-commerce initiatives.
Context for U.S. readers: Naver is a major player in search, digital advertising, online shopping and AI-enabled services in Korea and the region, with ambitions that extend into global markets. The heavy use of RSUs in executive compensation reflects common tech-industry practices intended to retain leadership and align incentives with stock performance. The fact that a former Naver CEO has moved into a high-profile government role underscores the close links between Korea’s tech sector and its policy landscape, including potential implications for startup ecosystems, regulation of AI and digital services, and cross-border collaboration on technology and trade with the United States.