'Second-Generation Sibling Management' at Daewon Pharmaceutical, Transition to 'Third-Generation Cousin Management'?

Start of 3rd Generation Succession in Management by Brothers Baek Seung-ho and Baek Seung-yeol

Baek In-hwan, Eldest Son of Baek Seung-ho, Promoted to President in Charge of Overall Management
Baek In-young, Eldest Son of Baek Seung-yeol, Takes Charge of Healthcare Business

Baek Inhwan, President of Daewon Pharmaceutical (Photo by Daewon Pharmaceutical)

[Asia Economy Reporter Lee Chun-hee] Daewon Pharmaceutical, which has been led by Chairman Baek Seung-ho and Vice Chairman Baek Seung-yeol as a "second-generation sibling management," is transitioning to a "third-generation cousin management."

Daewon Pharmaceutical announced its regular executive promotion on the 13th, including the promotion of Baek In-hwan, Head of Marketing Division (Executive Director), to President in charge of overall management, effective January 1 next year.

President Baek majored in Economics at Brandeis University in the United States and joined Daewon Pharmaceutical in 2011 as Deputy General Manager of the Strategic Planning Office. Having worked in the Overseas Business Division, Healthcare Business Division, and New Growth Promotion Team, President Baek recently served as Head of the Marketing Division. The company stated, "He contributed to Daewon Pharmaceutical's rapid growth by successfully diversifying business not only in prescription drugs (ETC) but also in over-the-counter drugs (OTC) and health functional foods while pioneering overseas markets." In particular, after entering the OTC business, he was recognized for his achievement in pioneering and successfully establishing the OTC business sector by growing the squeeze-type cold medicine 'Coldaewon' into a market-leading product with annual sales of 30 billion KRW.

President Baek said, "I will dedicate myself with a sense of responsibility to grow into a globally competitive company by consolidating internal and external capabilities," adding, "We will strengthen the bonds and communication among employees to create a healthy organizational culture and achieve Daewon Pharmaceutical's second leap through global investment and discovering new businesses."

Daewon Pharmaceutical 'Coldaewon' (Photo by Daewon Pharmaceutical)

However, this personnel change is not expected to result in the second-line retirement of brothers Baek Seung-ho and Baek Seung-yeol. Daewon Pharmaceutical has been managed by three executives: Chairman Baek Seung-ho, Vice Chairman Baek Seung-yeol, and CEO Choi Tae-hong, who previously worked at Korea Janssen and Boryung. This system is expected to continue as a triad of Chairman Baek Seung-ho, Vice Chairman Baek Seung-yeol, and President Baek In-hwan after CEO Choi's retirement.

Baek In-young, the eldest son of Vice Chairman Baek Seung-yeol and cousin of President Baek, was not promoted but has been assigned broader responsibilities. Until now, Director Baek, who served as Head of the Consumer Healthcare (CHC) Division, will take charge of the Healthcare Business Division, overseeing both CHC and OTC starting next year.

In addition to this promotion, Lim Han-il, Vice President of the Finance Office, Jo Bong-cheol, Vice President of the Sales Division, and Kim Ju-il, Vice President of the R&D Division, were appointed as new vice presidents. Along with the organizational restructuring, Executive Director Lee Jun-hyuk, who had led the Pharmaceutical Business Division, is expected to retire, and Director Lee Sun-woo is expected to be appointed as the head of the Pharmaceutical Business Division.

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