Lee Hae-jin, founder of South Korea’s internet company Naver, is expected to return as chair of the board after stepping down seven years ago.

His reinstatement as an internal director is likely to be approved by Naver’s board on Feb. 7, ahead of a shareholder meeting scheduled in March.

Once confirmed, he will assume the board chair role. Naver has not officially confirmed this, with a company official stating, “There is nothing we can disclose at this time.”

Lee’s return comes as Naver’s increased focus on AI amid rising competition from global companies, including OpenAI.

He has pushed for strengthening South Korea’s capabilities in “sovereign AI.” Last year, he met with Nvidia CEO Jensen Huang to discuss potential AI collaborations.

Following news of Lee’s possible return, Naver’s share jumped 4.8%, closing at 229,000 won (US%158.10) on Feb. 5, reaching a new 52-week intraday high.

Recent Naver developments