First female CEO of Naver picked as SME minister nominee

President Lee Jae-myung on Monday nominated Han Sung-sook, former CEO of Naver, as minister of SMEs and Startups.
Han, 58, is a first-generation IT expert who played a key role in the growth of Naver, Korea's largest portal site.
After graduating from Sookmyung Women's University, she began her career as a tech reporter at a local media outlet. She later joined Empas, one of Korea's early portal sites, where she served as head of the search business.
Han joined NHN, now rebranded as Naver, in 2007 and held key positions including search quality director and general service director. In 2017, she became the company's first female CEO.
She stepped down from the role in 2022 to lead Naver's European business development until recently. Since March, she has been serving as an adviser at Naver and also chairs the Korea Internet Enterprise Association.

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Korea Herald

10 hours ago

• Korea Herald

First female CEO of Naver picked as SME minister nominee

President Lee Jae-myung on Monday nominated Han Sung-sook, former CEO of Naver, as minister of SMEs and Startups. Han, 58, is a first-generation IT expert who played a key role in the growth of Naver, Korea's largest portal site. After graduating from Sookmyung Women's University, she began her career as a tech reporter at a local media outlet. She later joined Empas, one of Korea's early portal sites, where she served as head of the search business. Han joined NHN, now rebranded as Naver, in 2007 and held key positions including search quality director and general service director. In 2017, she became the company's first female CEO. She stepped down from the role in 2022 to lead Naver's European business development until recently. Since March, she has been serving as an adviser at Naver and also chairs the Korea Internet Enterprise Association.

Korea Herald

13 hours ago

• Korea Herald

NATO agrees to higher defense spending goal

BRUSSELS/MADRID (Reuters) — NATO members agreed on Sunday to a big increase in their defense spending target to 5 percent of gross domestic product, as demanded by US President Donald Trump, but Spain said it did not need to comply just days before a summit in The Hague meant to be a show of unity. NATO officials had been anxious to find consensus on a summit statement on a new spending commitment ahead of Wednesday's gathering. But Spanish Prime Minister Pedro Sanchez declared on Thursday he would not commit to the 5 percent target. NATO boss Mark Rutte has proposed to reach the target by boosting NATO's core defense spending goal from 2 percent to 3.5 percent of GDP and spending an extra 1.5 percent on related items like cybersecurity and adapting roads and bridges for military vehicles. After diplomats agreed on a compromise text on Sunday, Sanchez swiftly proclaimed Spain would not have to meet the 5 percent target as it would only have to spend 2.1 percent of GDP to meet NATO's core military requirements. "We fully respect the legitimate desire of other countries to increase their defense investment, but we are not going to do so," Sanchez said in an address on Spanish television. Spain spent 1.24 percent of GDP on defense in 2024, or about 17.2 billion euros ($19.8 billion), according to NATO estimates, making it the lowest spender in the alliance as a share of its economic output. NATO officials argue big defense spending increases are needed to counter a growing threat from Russia and to allow Europe to take on more responsibility for its own security as the United States shifts its military focus to China. Sanchez's stance risked setting up a summit clash with Trump, who has frequently accused European countries of not spending enough on defense and threatened not to defend them if they do not meet their targets. On Friday, Trump said Spain "has to pay what everybody else has to pay" and Madrid was "notorious" for low defense spending. However, he also suggested the US should not have to meet the new target, as the US had spent large amounts to protect the continent over a long period. Washington spent an estimated 3.19 percent of GDP on defense in 2024, NATO says. But Sanchez argued it was not necessary for Spain to meet the new target and trying to do so would mean drastic cuts on social spending, such as state pensions, or tax hikes. NATO did not release the compromise summit text, which will only become official when it is endorsed by the leaders of NATO's 32 members at the summit. But diplomats said one tweak in the language on the spending commitment, from "we commit" to "allies commit," allowed Spain to say the pledge does not apply to all members. In a letter seen by Reuters, Rutte told Sanchez that Spain would have "flexibility to determine its own sovereign path" for meeting its military capability targets agreed with NATO. A NATO diplomat said Rutte's letter was simply "an affirmation that allies chart their own course for making good on their commitments" to meet their capability targets. NATO officials have expressed scepticism that Spain can meet its military capability targets by spending just 2.1 percent of GDP, as Sanchez has suggested. The targets are secret, so their costs cannot be independently verified. "All allies have now agreed to the summit statement, which includes the new defense investment plan," said the diplomat, speaking on condition of anonymity to discuss internal matters. Rutte had originally proposed countries meet the new target by 2032 but the deadline in the final text is 2035, according to diplomats. There will also be a review of the target in 2029.

Korea Herald

a day ago

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[Bio USA] SK Biopharmaceuticals CEO highlights resilience, open innovation amid global shifts

Korea Herald correspondent BOSTON — SK Biopharmaceuticals CEO Lee Dong-hoon underscored the company's preparedness for potential US tariff changes and emphasized the critical role of open innovation in shaping the future of global pharmaceuticals. 'We've weathered volatility in our share price over the past year, but the impact of potential price cuts has been minimal,' Lee said Thursday during a press conference on the sidelines of the 2025 Bio USA. 'Our direct-to-market sales model remains fundamentally solid.' He recalled a particularly tense moment earlier this year when shifting US tariff policies posed logistical challenges. In April, the company rushed to transport finished products from Canada into the US before a new tariff deadline. 'When the final truck finally cleared customs, everyone burst into applause,' he recounted. To prevent such risks from recurring, the company now assembles finished products in Canada and ensures shipments cross the border ahead of any policy changes. Looking ahead, SK Biopharmaceuticals is evaluating Puerto Rico as a potential US-based manufacturing site, leveraging its status as a US territory and pharmaceutical hub. 'Canada is cost-effective for now, but we're preparing for every scenario,' Lee said, noting the company's tariff risk is now 'close to zero' for the year. Lee also expressed confidence in the company's long-term growth. 'We've already announced our goal to hit 1 trillion won ($728 million) in sales by 2029, and we're on track,' he said, citing consistent profitability since last year. A cornerstone of SK Biopharmaceuticals' strategy is open innovation. Instead of relying solely on internal research and development, the company is partnering with universities, biotech firms and research institutions. 'Major global pharmaceutical firms are moving away from in-house basic research, and so are we. When you can collaborate and generate results at a fraction of the cost, your possibilities expand," he explained. The CEO emphasized the importance of tapping into underutilized technologies at US universities and biotech startups to diversify the company's pipeline, moving beyond its core focus on epilepsy into areas like oncology. Artificial intelligence is another major focus area. Lee highlighted the company's work on EEG-based seizure prediction models in collaboration with European and South American partners, along with AI algorithm development trials currently underway in Korea. 'AI is no longer optional. It's essential in every part of the business,' he said. One standout partnership is with PhnyX Lab, whose AI-driven automation of clinical documentation significantly reduced paperwork. 'Even our US team, which was initially skeptical, was blown away,' Lee said, calling the shift 'Copernican' in scale for how it will reduce time and cost. The CEO also outlined plans to build a global digital platform for epilepsy patients — a space where patients and physicians can share experiences and insights. 'It's not about selling drugs,' he clarified. 'It's about collecting data to inform AI-powered marketing, drug development and clinical trial design.' The company is looking three to five years ahead, aiming to build an ecosystem where shared data drives innovation across functions. In the US, SK Biopharmaceuticals is intensifying its engagement with health care providers. Lee has personally met with dozens of physicians this year, aiming for 100 meetings, to gather insights that will shape lifecycle strategies such as patent extensions, expanded indications and new formulations like IV delivery. Meanwhile, SK Biopharmaceuticals has invested in targeted TV and YouTube campaigns for its flagship epilepsy drug, Xcopri (cenobamate). Its 'Road to Reduction' campaign drew 9.37 million views in just one month, signaling the brand's growing visibility and leadership in the epilepsy treatment market.