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Daewoong Pharmaceutical Co., Ltd. said it has appointed a new executive who will help lead the company as co-CEO. The company has not officially announced the leadership change, but it plans to do so at its upcoming annual shareholders meeting, which will take place next month.
According to The Korea Herald, Daewoong Pharmaceutical is expected to name its vice president, Park Seong Soo, the new co-chief executive officer. This information was shared to the public by business insiders on Wednesday, Feb. 28.
Co-CEO System at Daewoong
Park will lead the pharmaceutical company along with Lee Chang Jae under the co-CEO corporate management system. Previously, Jeon Seng Ho managed Daewoong Pharmaceutical with Lee.
In his previous VP role, Park worked under the leadership of Jeon and Lee. At that time, he was crucial in securing the U.S. Food and Drug Administration's (FDA) approval for the Daewoong-manufactured botulinum toxin product called Nabota. This allowed the company to sell the treatment overseas.
Park Seong Soo also helped bolster the sales of this product outside of South Korea. Nabota's total sales last year reached KRW147 billion or about $110 million, and 80% of the sales came from foreign markets.
"Daewoong aims to accelerate the expansion of its overseas businesses with Park's appointment," the source said.
About Park Seong Soo
Korea's Hit News reported that Park Seong Soo held various roles in the company, and in 2009, he was promoted to Daewoong's global division head. In 2011, he led the company's operations in the United States. Lastly, he spearheaded the international launch of the pharma's gastroesophageal reflux disease (GERD) drug called Fexuclue, the 34th new drug in Korea.
Photo by: Daewoong Press Center
