Jun Masuda
About Jun Masuda
Jun Masuda, age 47, is a Class II director of WEBTOON Entertainment Inc. with a current term expiring at the 2026 annual meeting; he has served on WBTN’s Board since October 2020 and is currently an executive at LY Corporation, serving as Executive Corporate Officer and Entertainment Company CEO since October 2023 . His disclosed credentials emphasize strategy, international business, content/media industry expertise, technology, and human capital management competencies per the Board’s skills matrix . He is not independent; the Board identifies him as a representative of LY Corporation, a significant shareholder with director designation rights .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Z Entertainment Corporation (former Z Holdings subsidiary) | President & Representative Director; Chief Product Officer | Apr 2021 – Sep 2023 | Senior leadership of digital content operations |
| Z Holdings Corporation | Director; Senior Managing Corporate Officer | Mar 2021 – Sep 2023 | Corporate leadership and product oversight |
External Roles
| Organization | Role | Tenure/Start | Notes |
|---|---|---|---|
| LY Corporation | Executive Corporate Officer; Entertainment Company CEO | Oct 2023 – Present | LY holds 24.15% of WBTN and has nomination rights for one director when ≥20% voting power |
| Demae-can Co., Ltd. (LY affiliate) | Outside Director | Current | Board role at an LY affiliate; indicates network interlock |
| LINE Digital Frontier Corporation (WBTN subsidiary) | Director | Aug 2020 – Present | Governance role at key subsidiary LDF |
Board Governance
- Committee memberships: Nominating & Corporate Governance Committee member; the committee is chaired by CEO Junkoo Kim and includes Jun Masuda and Namsun Kim .
- Independence: Not independent; Board explicitly identifies Masuda as LY representative. Only Winkles and Dubuc are independent directors under SEC/Nasdaq rules .
- Attendance and engagement: In 2024, the Board met 4 times; all directors attended at least 75% of Board and applicable committee meetings; independent directors held one executive session in 2024 .
- Board leadership: Combined Chair/CEO; no lead independent director; company utilizes Nasdaq “controlled company” exemptions (majority independent board not required; non-independent members permitted on Compensation and Nominating committees) .
Fixed Compensation
| Component | FY 2024 Amount (USD) |
|---|---|
| Board cash fees | $0 (no fees reported for Masuda) |
| Committee cash fees | $0 (no fees reported for Masuda) |
| Equity grants (director RSUs) | $0 (no director stock awards reported for Masuda) |
Director Compensation Policy (effective June 27, 2024): non-employee directors receive $75,000 annual retainer plus committee chair/member fees and an initial RSU grant (~$450,000) vesting quarterly over 3 years; however, only Winkles and Dubuc received such compensation in 2024 .
Performance Compensation
No performance-linked director compensation is disclosed for Masuda; director equity grants, when awarded, are time-based RSUs without performance conditions .
Other Directorships & Interlocks
| Company | Type | Role | Notes |
|---|---|---|---|
| LY Corporation | Significant stockholder (24.15%) | Executive Corporate Officer/CEO (Entertainment Company) | LY may designate one director while owning ≥20% voting power; Masuda serves as LY representative on WBTN Board |
| Demae-can Co., Ltd. | LY affiliate | Outside Director | Potential information flow/interlock with LY’s ecosystem |
| LINE Digital Frontier (LDF) | WBTN subsidiary | Director | Subsidiary oversight; LDF involved in merger with eBIJ in 2024 |
Expertise & Qualifications
- Strategy and international business leadership; media/content sector expertise; technology experience; human capital management skills per Board’s skills matrix .
- Board qualifies him based on knowledge of WBTN and leadership experience .
Equity Ownership
| Holder | Common Stock | Awards Vesting Within 60 Days | Total | % Ownership |
|---|---|---|---|---|
| Jun Masuda | 0 | 0 | 0 | <1% |
Company prohibits directors/officers from hedging or pledging company stock, supporting alignment with shareholder interests when ownership exists .
Governance Assessment
- Positive signals:
- Related-party transactions are overseen under a formal policy by the Audit Committee; committee charter addresses approval criteria and procedures .
- Prohibition of hedging and pledging for directors/officers reduces misalignment risk .
- Red flags and risks:
- Controlled company structure: NAVER owns 61.73% voting power; LY owns 24.15%; Board uses controlled company exemptions, limiting independent oversight (no majority independent board; non-independent members on Compensation and Nominating committees) .
- No lead independent director; combined Chair/CEO may constrain independent Board leadership .
- Masuda is not independent and is an LY executive while LY has nomination rights; this elevates potential conflict-of-interest risk amid extensive related-party arrangements with LY/NAVER ecosystems .
- Audit Committee includes one non-independent member under phase-in (Namsun Kim) and expects full independence within one year of listing; transitional composition reduces current independent assurance quality .
- Masuda’s equity ownership in WBTN is zero, limiting financial alignment via direct “skin-in-the-game” at the parent level .
Related-party exposures: substantial intercompany service agreements, leases, revenue ($72.2M) and expenses ($121.3M combined costs/expenses) involving NAVER/LY entities; LDF-eBIJ merger and LY affiliate transactions further broaden interlocks .