Naver Webtoon appoints co-CEOs for Korean unit as Kim Jun-koo shifts to global strategy

Naver Webtoon will appoint Kim Yong-su, president of Webtoon Entertainment, and Kim Gyu-nam, chief administrative officer, as co-CEOs of its Korean subsidiary. Webtoon Entertainment CEO Kim Jun-koo will step down as head of the Korean unit to focus on global operations and long-term growth strategy.

Naver Webtoon announced the leadership change Thursday. Kim Yong-su will serve as co-CEO while retaining his role as president. Kim Gyu-nam transitions from chief risk officer to chief administrative officer and will also take on the co-CEO role at the Korean unit.

Kim Jun-koo will not hold a concurrent role at Naver Webtoon, instead concentrating on his duties as chairman of the Webtoon Entertainment board and as CEO. He plans to secure long-term growth drivers and support the management of regional subsidiaries.

The reshuffle extends a leadership reorganization Webtoon Entertainment carried out in March, when the company created the president position and named Kim Yong-su — then chief strategy officer — to fill it. Under that structure, Kim Jun-koo oversees long-term growth and future strategy while Kim Yong-su handles day-to-day business operations and execution.

Through the latest reorganization, Naver Webtoon aims to extend the parent company's management framework to its Korean subsidiary and strengthen operations tailored to the domestic market.

Kim Gyu-nam joined Naver Webtoon in 2018 and has led content policy work, including building content operations processes and guidelines and launching creator systems. He has also worked with governments and relevant organizations in multiple countries to combat illegal webtoon distribution.

Going forward, he will strengthen communication with domestic creators, partners and institutions, and focus on work related to Korea's creative ecosystem.

Kim Yong-su joined the company in 2022 and has served as chief strategy officer and head of the global webtoon division. He led the company's initial public offering and partnerships with global entertainment companies, and has overseen companywide business operations as president since March.

"Kim Gyu-nam will work in closer communication with Korean creators, partner companies and various institutions to strengthen the domestic creative ecosystem," Naver Webtoon said. "Having President Kim Yong-su serve concurrently as co-CEO will enhance strategic consistency and execution speed."

"Korea is the most mature market in the webtoon industry and an important hub for the global webtoon ecosystem," Kim Jun-koo said. "This reorganization will improve the efficiency of our global governance while strengthening a professional management structure suited to conditions in the Korean market."

Meanwhile, Webtoon Entertainment, the parent company of Naver Webtoon, posted sales of approximately 508.3 billion won ($374 million) in the second quarter of this year, down 2.8 percent from a year earlier. Its net loss for the same period widened to about 21.9 billion won from approximately 5.8 billion won a year ago.