[Minute to Read] Naver founder returns with bold reforms amid internal backlash
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The Minute to Read (Weekend) series provides a quick overview of significant events in Korea from the week, conveniently condensed into a one-minute read. Here’s a recap of what happened this week: May 19-23.
Naver founder returns with bold reforms amid internal backlash
After returning to management as board chair in March following a seven-year hiatus, Naver founder Lee Hae-jin is leading major organizational reforms and a shift to a performance-based HR system. Despite record profits, the company’s stock has dropped due to weak growth in AI and content sectors. Lee’s efforts to “turn crisis into opportunity” have faced internal pushback, especially after rehiring a former aide linked to a past workplace bullying case. Naver plans to replace its flat hierarchy with a new seven-level system grading employees by expertise and performance, aiming to foster competition and a results-driven culture. The system will pilot this year and fully launch in March 2026.
U.S. mulls partial troop withdrawal from South Korea
The United States is considering relocating 4,500 troops from South Korea to other Indo-Pacific bases, including Guam, according to a May 22 report by The Wall Street Journal. Citing senior Pentagon officials, the report said the plan would involve shifting part of the 28,500-strong U.S. Forces Korea as part of an unofficial policy review. The proposal has reportedly not yet been formally presented to U.S. President Donald Trump. The review is said to be part of a broader reassessment of U.S. policy toward North Korea, with any final troop reduction likely to depend on the course of the war in Ukraine and Washington’s future military support for Kyiv.
Samsung Biologics spins off Bioepis to form new holding company
Samsung Biologics on May 22 said it will spin off its biosimilar subsidiary Samsung Bioepis by establishing a new company, tentatively named Samsung Bioepis Holdings. The new holding company will oversee subsidiary management and new investments. The split separates Samsung Biologics’ core contract development and manufacturing (CDMO) business from Samsung Bioepis’ biosimilar operations. Samsung Bioepis was founded in 2012 as a joint venture between Samsung Biologics (85%) and U.S. biotech firm Biogen (15%). In 2022, Samsung Biologics acquired Biogen’s entire stake, making Bioepis a wholly owned subsidiary.
Kim Jong-un furious over warship launch accident
North Korean leader Kim Jong-un expressed fury after a serious accident occurred during the launching ceremony of a new 5,000-ton destroyer at Chongjin Shipyard on May 21. According to the official Korean Central News Agency on May 22, the incident happened as the ship was slid sideways into the water, causing the stern to sink first and damaging the hull due to “inexperienced command and operational negligence.” Kim condemned the accident as a “serious accident” and “criminal act” that damaged the nation’s dignity. Following the incident, North Korea launched several cruise missiles into the East Sea from South Hamgyong Province.
Soprano Jo Su-mi to receive top French arts honor
South Korean soprano Jo Su-mi is set to receive the Commandeur of the Order of Arts and Letters, France’s highest cultural merit award, at the Paris Opéra-Comique on May 26, the Korean Cultural Center in France said on May 11. While more than 10 Koreans have received the honor, Jo is among the very few awarded the top-tier Commandeur rank, joining the likes of conductor Chung Myung-whun in 2011. Former French Culture Minister Fleur Pellerin, who is of Korean descent, is expected to present the award. Established in 1957, the award recognizes those who excel in the arts or promote French culture worldwide.
Prosecutors in Lee Jae-myung, ex-first lady cases step down
Senior prosecutors Lee Chang-soo and Cho Sang-won, who led high-profile probes into Democratic Party presidential candidate Lee Jae-myung and former first lady Kim Keon-hee, submitted their resignations on May 20, citing health reasons. The two had returned to duty only two months ago after the Constitutional Court rejected the National Assembly’s impeachment motion against them in March. Lee and Cho previously investigated the alleged slush fund case involving Seongnam FC and the stock manipulation scandal tied to Deutsch Motors. In October, they cleared Kim of all charges, drawing criticism from the opposition.
Seoul village bus operators threaten shutdown over subsidy dispute
As Seoul city bus union plans a strike over pay on May 28, village bus companies are also threatening to halt operations unless subsidies increase. In a rare move, it is the operators, not unions, leading the action. If they stop service, it would mark the first village bus halt in 15 years. The city government says it has already doubled support since the pandemic and raised fares by 300 won in 2023, making further aid unlikely.
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