Lee Hae-jin, founder and board chairman of South Korea’s internet portal giant Naver Corp. will step down from his position March next year to focus on expanding the company’s presence in the global market. Its chief executive officer Kim Sang-hun, also leaving his post at the same time will be succeeded by vice president Han Seong-sook.

The Korea’s leading portal operator announced Thursday in a regulatory filing that Han will be promoted to CEO as Kim, whose term expires in March 2017, has expressed will to leave the position. Lee will also quit his role as chairman to concentrate on the European market by spending more time in Europe, according to the company.

The major reshuffle in the management seems to be in line with the company’s recent efforts to expand its business in overseas markets particularly in Europe and North America. Naver and its mobile chatting app Line Corp. said on September 30 that they would make a joint investment with French investment company Korelya Capital in European start-ups by spending 50 million euros ($54 million) each. The head of the French company is Fleur Pellerin, who served as French minister of culture and digital economy.

Lee said during a press conference on the day that the investment is not just for financial gains but a strategic one and the company’s next goal is to secure a firm grip in Europe and North America. “I will spend much more time in Europe to study the market,” he added.

Lee will remain as a director of the board while stepping down from the chairmanship. His successor will be nominated at the company’s next shareholders’ meeting, the company said.

Han will become the first female CEO of the company. She started working as a journalist at a computer magazine PC Line after graduating from Sookmyung Women’s University. She then moved in the information and technology industry and joined Naver in 2007 after working for Cityscape, predecessor of search engine Empas for 10 years.

Industry observers find that she has made a great contribution to the company’s successful transition from online to mobile. She has also made it a huge hit of Naver V Live, an online broadcasting service featuring Korean celebrities’ personal videos.

As of 1:00pm, Naver shares stand at 831,000 won ($731.64), down 13,000 won or 1.54 percent from the previous period.

By Oh Chan-jong

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]