Hansung Sook to Sell All Naver Shares Upon Taking Office as Minister Nominee

Sale of Naver Shares Worth 2.3 Billion KRW to Prevent Conflict of Interest
Mother's Samsung Electronics and Hyundai Motor Shares Also to Be Sold

Hansung Sook, nominee for Minister of SMEs and Startups and former CEO of Naver, will sell all of her Naver shares upon taking office.

According to government sources on July 3, if appointed as minister, Hansung Sook has decided to immediately sell her 8,934 Naver shares, valued at approximately 2.3 billion KRW. This measure is intended to proactively prevent any conflict of interest that could arise between public and private affairs during her official duties.

Hansung Sook's mother will also sell her holdings of 2,589 Samsung Electronics shares (worth about 150 million KRW) and 575 Hyundai Motor shares (worth about 110 million KRW), totaling shares valued at 260 million KRW. The combined total value of the shares to be sold by both individuals amounts to 2.56 billion KRW, and the sale process is expected to take about one week.

According to the current Public Service Ethics Act, if the value of stocks held by a high-ranking public official or their related parties exceeds 30 million KRW, those stocks must be sold or placed in a blind trust within two months of taking office.

Hansung Sook joined Naver in 2007, served as CEO from 2017 to 2022, and is currently an advisor to Naver.

In addition to her reported assets, Hansung Sook also holds stock options from Naver worth 25.44 billion KRW and restricted stock units (RSUs) valued at 439.96 million KRW. However, stock options are merely the right to purchase shares at a predetermined price within a certain period and are not subject to disposal until the right is actually exercised.

Meanwhile, the confirmation hearing for Hansung Sook is scheduled to be held on the 15th at the National Assembly's Trade, Industry, Energy, SMEs and Startups Committee.