Naver's new CEO, CFO purchase company's stock

Industry

Published: 21 Mar. 2022, 18:03

Naver's new CEO, CFO purchase company's stock

Naver's new CEO Choi Soo-yeon, right, and CFO Kim Nam-sun [NAVER]

Naver’s new CEO and chief financial officer (CFO) have each bought 108 million won ($88,858) worth of Naver stock, the company said on Monday.

CEO Choi Soo-yeon and CFO Kim Nam-sun bought 314 shares of Naver, Choi for 346,000 won per stock and Kim for 347,000 won. They were appointed last Monday through a shareholders meeting.

Previously, Choi had 103 shares and Kim had none.

The executives made the purchase "to express their trust in the company’s long-term growth and express their will for faithful management,” according to a press release.

During the shareholders meeting, Choi thanked stakeholders for supporting Naver’s growth over the last 20 years and promised to pay them back with new businesses.

“We will pay back by accelerating diverse global businesses and continuing to make new businesses that are properly valued in the market,” Choi said at the annual meeting.

Naver’s stock price had been falling since the beginning of this year but bounced back by 8.5 percent on March 10, a day after the presidential election upon the president-elect Yoon Suk-yeol’s vow to ease business regulations for companies.

Naver closed at 339,000 won on Monday, 1.6 percent lower than the previous day.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]