[Apha Biz=(Chicago) Reporter Paul Lee] Naver executives are selling back their own shares one after another. Rather than CEO Choi Soo-yeon taking responsibility for management through the purchase of treasury stocks.

In particular, given that CEO Choi has publicly announced the improvement of shareholder value and the preparation of shareholder return measures, there has been a considerable scratch left on his leadership.

According to the Financial Supervisory Service's electronic disclosure system on the 18th, six Naver executives have been selling their own shares in the past month. Seo Seung-won, a senior leader (non-registered executive), sold 416 shares he had on the 31st of last month for 209,500 won.

On the 9th, four executives sold their own shares at the same time. Chief leader Choi Seo-hee sold 52 of his shares at 245,000 won, while chief leader Kim Sung-ho sold 78 of his shares at 239,000 won. Chief leader Kim Jung-sik and chief leader Cho Sung-taek disposed of 130 and 52 shares for 236,000 won and 237,000 won, respectively.

Jang Joon-ki, head of entertainment technology, sold 2,000 shares, half of his 4,000 shares, for 225,000 won on the 11th.

They appear to have started to dispose of their own shares as Naver's stock price recovered to the level of a year ago. Naver shares, which fell to 170,000 won earlier this year, rose to 240,000 won this month.

It is currently on the decline as executives sell back their shares one after another. According to the Korea Exchange on the 18th, Naver's stock price fell 11.4% to 214,000 won as of 10:10 a.m. on the same day from 241,500 won on the 7th.

It is pointed out that some executives are selling their own shares, which may have cracked CEO Choi Soo-yeon's responsible management. In April, Choi, along with Chief Financial Officer (CFO) Kim Nam-sun, purchased treasury shares worth 200 million won and 100 million won, respectively, in order to strengthen his commitment to responsible management. When Choi took office in March last year, Choi and CFO Kim Nam-sun spent 108 million won each to buy Naver shares.

 

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