Junkoo Kim
About Junkoo Kim
Junkoo Kim is Founder, Chairman, and Chief Executive Officer of WEBTOON Entertainment Inc. (WBTN). He is 47 years old, holds a B.S. in Applied Chemistry from Seoul National University, joined NAVER in 2004, has led WEBTOON as CEO and board member since September 2016, and has served as CEO of NAVER WEBTOON Ltd. since May 2017 . Under his leadership, FY2024 revenue grew 5.1% to $1.35B, with constant-currency growth highlighted by management at 13%, and Adjusted EBITDA expanded to $67.965M (vs. $8.654M in 2023), indicating substantial operating improvement despite GAAP net losses . In Q3 2025, revenue grew 8.7% to $378.0M with Adjusted EBITDA of $5.1M and net loss of $11.1M; management highlighted a broadened relationship with Disney including a non‑binding term sheet for a new digital comics platform and a potential 2% Disney equity investment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| WEBTOON Entertainment Inc. | Founder; Chief Executive Officer; Director (Chairman) | CEO/Director since Sep 2016; Chairman current | Founder-led continuity and strategic vision across platform, IP, and global expansion . |
| NAVER WEBTOON Ltd. (wholly owned subsidiary) | Chief Executive Officer | Since May 2017 | Operational leadership of core Korean subsidiary driving content pipeline and cross-border growth . |
| NAVER (Search Solution Corp.) | Developer | From 2004 | Early technical roots; foundation for digital content product leadership . |
External Roles
- No additional public company directorships or external committee roles for Mr. Kim are disclosed in the 2025 Proxy Statement .
Fixed Compensation
| Component | 2024 Amount/Terms | Notes |
|---|---|---|
| Base Salary | $582,041 | Consists of $480,000 from Company plus KRW 150,000,000 from NAVER WEBTOON (converted at 1,470 KRW/USD) . |
| Target Annual Bonus | $570,000 | Threshold 50% of target; Max 150% of target under employment agreement . |
| Actual Annual Bonus (2024) | $513,000 | Paid at 90% of target per Compensation Committee determination . |
| IPO/One‑time Bonus | $30,000,000 | Board‑approved May 28, 2024; paid July 2024, contingent on IPO closing and continued employment . |
Performance Compensation
Annual cash incentive design comprises a Corporate Component and an Individual Component; specific metric weightings were not disclosed. For 2024, payout was 90% of target for Mr. Kim.
| Metric/Plan | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Cash Incentive (Corporate + Individual objectives; metrics not disclosed) | Not disclosed | $570,000 | Committee assessed 90% achievement | $513,000 | Paid following FY2024 . |
Long-term equity awards (granted pre‑IPO under prior plan):
- 2024 RSU grant of 444,444 units (grant date 5/28/2024; fair value $9,999,990) vested on January 1, 2025, contingent on IPO and continued service .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 3,971,901 shares (510,231 common + 3,461,670 awards exercisable/vesting within 60 days) = 2.97% of outstanding as of April 11, 2025 (130,173,102 shares outstanding) . |
| Options (Outstanding) | 3,461,670 options (exercisable), strike $11.04, expiring 11/23/2028 (grant 11/23/2020) . |
| RSUs | 444,444 RSUs granted 5/28/2024; vested 1/1/2025 (subject to IPO and service) . |
| In-the-money status | Closing price on 12/31/2024 was $13.58; options at $11.04 strike were in-the-money on that date . |
| Hedging/Pledging | Prohibited for directors/officers by Insider Trading Policy; also prohibits margin accounts/pledging of Company securities . |
| Ownership Guidelines | Not disclosed in the 2025 Proxy . |
Employment Terms
| Term | Key Provisions |
|---|---|
| Employment Agreement | Executive employment agreement effective Jan 1, 2024 (entered Nov 5, 2024); indefinite term; CEO role; base salary $480,000; target bonus $570,000 (50%–150% range); confidentiality; severance protections; 90 days’ notice for resignation with “good reason” . |
| NAVER WEBTOON Business Delegation Agreement | Annual agreements (2024, renewed for 2025) with KRW 150,000,000 salary; includes non‑compete and non‑interference during term and for one year post‑termination . |
| Severance (Non‑CIC) | If terminated without cause or resigns for good reason: lump sum equal to six months’ salary + partial COBRA premium reimbursement for six months (subject to release) . |
| Severance (CIC Double‑Trigger) | If such termination occurs within 12 months post‑CIC: 12 months’ salary + 12 months COBRA reimbursement + prorated target bonus + 100% acceleration of unvested RSUs (subject to release) . |
| NAVER WEBTOON Severance Policy | Separate formula-based severance policy applies to NEOs (other than David J. Lee); no enhanced CIC benefits under that policy . |
| Estimated Payouts (12/31/2024 assumption) | Death/Disability: $139,689; Without Cause/Good Reason: $379,689 + $8,417 COBRA; CIC+Qualifying Termination: $1,189,689 cash + $16,834 COBRA + $6,035,550 RSU acceleration (assumes $13.58/share) . |
| Clawback | Nasdaq/Exchange Act 10D-compliant clawback policy for incentive-based comp (3 fiscal years lookback) . |
| Tax Gross‑ups | Company states it does not provide excise tax gross‑ups for parachute payments . |
Board Governance
- Roles and Independence: Mr. Kim is Chairman and CEO; the Company currently has no Lead Independent Director. The board asserts the combined role benefits communications and strategic focus given global operations. WBTN utilizes Nasdaq’s “controlled company” exemptions due to NAVER’s ~61.73% ownership (e.g., not requiring a majority independent board or fully independent comp/nom/gov committees) .
- Committee Service: Mr. Kim chairs the Nominating and Corporate Governance Committee (members: Junkoo Kim, Namsun Kim, Jun Masuda). Compensation Committee oversees CEO/NEO pay and plan administration .
- Board Composition/Attendance: Seven directors; independent directors are Isabelle Winkles and Nancy Dubuc; 2024 attendance ≥75% for all directors; one independent‑only executive session in 2024 .
- Director Compensation Policy (context): Non‑employee directors receive $75,000 annual cash retainer plus committee role fees and initial RSU grants (~$450,000) vesting over three years; (Mr. Kim is an employee director; policy applies to non‑employees) .
Performance & Track Record (Selected)
| Period | Key Performance Notes |
|---|---|
| FY2024 | Revenue $1,348,478K (+5.1% YoY), Adjusted EBITDA $67,965K (vs. $8,654K in 2023); GAAP net loss $(152,912)K; operating loss $(100,699)K . |
| Q4 2024 | Constant‑currency revenue +10.4% YoY; gross margin +45 bps YoY; Adjusted EBITDA $(3.5)M (actuarial losses ~$(6)M impact); net loss $(102.6)M . |
| Q2 2025 | Reported revenue +8.5%; constant‑currency +5.5%; Adjusted EBITDA $9.7M; net loss $(3.9)M . |
| Q3 2025 | Revenue $378.0M (+8.7%); Adjusted EBITDA $5.1M; net loss $(11.1)M; cash ~$584.6M; Disney term sheet for platform + potential 2% equity investment . |
Compensation Structure Analysis
- Pay-for-Performance Mix: 2024 included a large, one‑time $30M IPO bonus for Mr. Kim (non‑recurring) in addition to standard cash incentive and sizeable RSU grant of 444,444 units vesting 1/1/2025, which concentrated equity delivery shortly after the IPO .
- Equity Vehicle Shift: Company discloses it does not intend to grant new options post‑IPO (favoring RSUs/performance awards under the 2024 Omnibus Plan), reducing risk for executives and potentially increasing realized pay certainty .
- Risk Controls: Clawback policy in place; hedging/pledging prohibited; no excise tax gross‑ups; committee oversight of incentive risks .
- 2024 Bonus Outcomes: Broad 90% payout for NEOs (including Mr. Kim); specific quantitative performance metrics and weightings not disclosed .
Equity Overhang and Vesting Pressure
- Near‑Term Supply: 444,444 RSUs vested on 1/1/2025; while potential selling is subject to insider trading windows and any lock‑ups, this represents a meaningful tranche entering float for the CEO .
- Options Overhang: 3,461,670 fully exercisable options at $11.04 strike expiring 11/23/2028; these were in‑the‑money at $13.58 on 12/31/2024, implying economic incentive to monetize over time, subject to trading policies .
Employment & Retention Risk
- Retention Hooks: Double‑trigger CIC protection includes 12 months’ salary, prorated target bonus, 12 months COBRA, and 100% RSU acceleration; non‑CIC terminations provide 6 months’ salary and 6 months COBRA reimbursement (subject to release) .
- Non‑compete Scope: One‑year non‑compete/non‑interference attached to Mr. Kim’s separate NAVER WEBTOON (Korea) business delegation agreement, adding regional post‑termination protection .
Investment Implications
- Alignment and Skin‑in‑the‑Game: Mr. Kim’s 2.97% beneficial stake, combined with fully exercisable long‑dated options, aligns incentives with equity value creation; hedging/pledging bans reinforce alignment .
- Pay Optics and Governance: The $30M IPO bonus and concentration of RSU vesting immediately post‑IPO will attract scrutiny from pay‑for‑performance investors; in a controlled‑company structure with CEO as Chairman and no Lead Independent Director, governance risk premiums may persist .
- Change‑in‑Control Economics: RSU acceleration and cash severance in a CIC could meaningfully increase transaction costs and potential share supply; however, the absence of excise tax gross‑ups and the presence of a clawback mitigate some concerns .
- Execution Track Record: Material improvement in Adjusted EBITDA in 2024 alongside ongoing quarterly volatility (FX, actuarial charges, IP adaptation milestone timing) suggests continued focus on mix, margin expansion, and platform partnerships (e.g., Disney) as key value levers .