Daewoong Pharmaceutical Reappoints Jeon Seung-ho and Yoon Jae-chun as Co-CEOs

Vice President Lee Chang-jae Newly Appointed as Inside Director

CEO Jeon Seung-ho is speaking at the 19th shareholder meeting of Daewoong Pharmaceutical. (Photo by Daewoong Pharmaceutical)

[Asia Economy Reporter Kim Ji-hee] Daewoong Pharmaceutical has reappointed co-CEOs Jeon Seung-ho and Yoon Jae-chun. Lee Chang-jae, Vice President of Daewoong Pharmaceutical, was newly appointed as an inside director.

On the 26th, Daewoong Pharmaceutical held the 19th general shareholders' meeting at its headquarters in Samseong-dong, Seoul, and reappointed the existing CEOs. Kim Hong-chul, the current outside director, was reappointed, and Kim Young-jin, Chief Director of Guro Wooridle Hospital, was newly appointed as an outside director.

Jeon Seung-ho, CEO of Daewoong Pharmaceutical, stated, “Daewoong Pharmaceutical has continuously invested in research and development (R&D) while expanding open collaboration and overseas partnerships. This year, we will significantly enhance the company's value by actively expanding the global market for Nabota (US product name: Jeubo) and realizing results from new drugs Pexuprazan and Inavogliflozin.”

At the general meeting, key management performance was reported, including consolidated sales of 1.0554 trillion KRW, operating profit of 17 billion KRW, and net profit of 24.1 billion KRW for 2020. Six agenda items, including amendments to the articles of incorporation and the appointment of directors and auditors, were approved as originally proposed.

Daewoong, the holding company of Daewoong Pharmaceutical, also held its 61st general shareholders' meeting on the same day and newly appointed Park Sung-soo, head of Daewoong Pharmaceutical's Nabota Business Division, as an inside director. Professor Lee Oh-young of Hanyang University was reappointed as an outside director. Park joined Daewoong Pharmaceutical in 1999 and has overseen development, global, and marketing departments as well as the US subsidiary. He currently leads the Nabota Business Division, managing Daewoong Pharmaceutical's botulinum toxin business.

Daewoong reported consolidated sales of 1.3553 trillion KRW and consolidated operating profit of 98.1 billion KRW for 2020. At the meeting, five agenda items, including the report on key performance and amendments to the articles of incorporation and director appointments, were approved as originally proposed.

Yoon Jae-chun, CEO of Daewoong, said, “Despite difficult conditions, Daewoong is generating management performance based on the solid results of subsidiaries such as Daewoong Pharmaceutical and Daewoong Bio. This year, Daewoong will focus on its core role as a holding company under the principle of responsible management and support the growth of its subsidiaries.”

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