Naver Webtoon appoints Kim Yong-soo and Kim Kyu-nam as co-CEOs in Korea

Naver Webtoon, the Korean subsidiary of Webtoon Entertainment, will now be led by two co-CEOs. The company announced on October 1 the appointment of Kim Yong-soo and Kim Kyu-nam as joint representatives of the company, according to a statement from the firm.

Kim Yong-soo keeps his role as president and now adds the representation of Naver Webtoon. Kim Kyu-nam, who served as Chief Risk Officer (CRO) at Webtoon Entertainment, moves to the position of Chief Administrative Officer (CAO) and also takes on the representation of the subsidiary.

The move frees up Kim Jun-gu, who was combining the representation of Naver Webtoon with his role as CEO of the parent company. From now on, he will focus on the group's international expansion and on finding new growth opportunities, as detailed by the company.

Division of roles at the Korean subsidiary

The new structure separates two areas. Kim Yong-soo will be responsible for maintaining the group's strategic coherence and managing the Korean subsidiary's business. Kim Kyu-nam will handle relationships with local partners and organizations, as well as strengthening the creator ecosystem in South Korea.

Kim Jun-gu will remain chairman of the board of Webtoon Entertainment. His task will be to support the heads of each regional subsidiary and seek long-term growth engines for the entire group.

"Korea is the most mature market in the webtoon industry and a key point of the global ecosystem. It needs a stable business foundation and, at the same time, new attempts," Kim Jun-gu said in the statement.

The company frames the change as part of a broader reorganization. In March, Webtoon Entertainment created the position of president and appointed Kim Yong-soo, previously Chief Strategy Officer (CSO). That move sought to strengthen the parent company's governance; now the goal is to improve the Korean subsidiary's.

A reorganization focused on the global business

Webtoon Entertainment is listed on the Nasdaq and operates the world's largest webtoon platform. The company has been adjusting its leadership team in recent months to separate global management from local operations in each market.

South Korea is the birthplace of webtoons and is home to a large share of the creators who fuel the platform's international catalog. The Korean subsidiary serves as a testing ground for formats and business models that are later exported to Japan, the United States, or Europe.

The appointment of two co-CEOs responds to that logic: keeping the Korean operation under direct control while the group's CEO dedicates his efforts to expansion outside the country.

The company has not detailed whether this change will affect relationships with animation studios or publishing agreements in other regions. It has also not specified a timeline for the transition, beyond the effective date announced today.

How do you think this change will affect Korean creators? Let us know in the comments.