"Demand to 'Accept Minimum Wage Until Stock Recovers'... Ki Woo-sung, CEO of Celt, Says 'Agree'"

Incheon Songdo Celltrion Plant 2 Overview. / Incheon = Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Lee Chun-hee] Ki Woo-sung, Vice Chairman and CEO of Celltrion, recently expressed his agreement on the 25th with the idea of receiving only the minimum wage until the stock price recovers to a certain level as a way to share the pain of shareholders amid the recent stock price decline.

On the morning of the same day, at the 31st regular shareholders' meeting of Celltrion held in Songdo, Yeonsu-gu, Incheon, CEO Ki responded to shareholders' demands by saying, "I believe that as a manager, I bear some responsibility for the results that have caused shareholders to suffer," and added, "I agree."

This decision has been emerging consecutively as a way to share the losses suffered by shareholders due to stock price declines caused by recent company-specific adverse factors and macroeconomic downturns. Previously, last month, Namgoong Hoon, the designated CEO of Kakao, announced, "I will withhold my salary and incentives entirely until Kakao's stock price reaches 150,000 KRW," and stated, "Until that day, I will receive only the statutory minimum wage." Following this, Shin Won-geun, the designated CEO of Kakao Pay, also declared the day before, "I will not receive any salary, incentives, or other compensation until the stock price reaches 200,000 KRW and will only receive the minimum wage."

At the Celltrion shareholders' meeting that day, a shareholder mentioned the decisions of the designated CEOs Nam and Shin, saying, "I believe CEO Ki and Chairman Seo Jin-seok of the board should adopt a responsible management stance by working for only the minimum wage until the stock price reaches 350,000 KRW and then retroactively receive unpaid salaries once it surpasses that," which sparked discussion. After this shareholder's remarks concluded, other shareholders attending the meeting cheered in support.

However, CEO Ki initially responded to this demand by saying, "I agree with the symbolic meaning," but avoided giving a direct answer by adding, "I will consider it deeply." Nevertheless, the shareholder insisted again, "Please announce that you will share the pain of shareholders and work while receiving only the minimum wage as a responsible management attitude." In response, CEO Ki replied, "Since shareholders are suffering, I agree with the proposal."

Ki Woo-sung, Vice Chairman and CEO of Celltrion

Meanwhile, at the shareholders' meeting that day, a debate also arose over the agenda of granting stock options to executives and employees. Shareholders pointed out that although Celltrion has been repeatedly buying back its own shares recently, it has not disclosed specific plans such as share cancellation, and demanded that stock options be granted using treasury shares.

CEO Ki readily accepted this by stating, "Those who receive stock options this year will use treasury shares," and added, "During my tenure as CEO, this has been reflected in the regulations to allow such use."

However, he also expressed that share cancellation is not being considered. CEO Ki explained, "Even if treasury shares are canceled, the stock price may rebound but the boosting effect disappears," and said, "If treasury shares are used for M&A, it is better to use them as resources for another 'quantum jump.'" He emphasized that treasury shares are being prepared with a focus on long-term effects as a growth engine for the company.

This content was produced with the assistance of AI translation services.