"Not Age but Performance-Based"…Daewoong Pharmaceutical Appoints Vice Presidents in Their 40s

[Asia Economy Reporter Choi Dae-yeol] Daewoong Pharmaceutical has promoted Head Lee Chang-jae (photo) to Executive Vice President in charge of Marketing and Sales in this year's regular executive personnel appointments. At his mid-40s, he is considered relatively young for an executive at a large pharmaceutical company.

The newly appointed EVP was born in 1977 and joined the company in 2002. Over 18 years, he has handled various roles in the ETC (prescription drugs) and Marketing divisions. In 2015, when he was in his 30s, he was appointed as head of the division, gaining attention in the industry, and since 2018, he has also been responsible for HR and management. He also serves as an inside director at Daewoong Holdings, the parent company. He is recognized as a key figure who developed the "Verification 4-Step Strategy," a unique marketing system of Daewoong Pharmaceutical, which led to differentiated sales performance.

Earlier, in March 2018, Daewoong Pharmaceutical attracted attention by implementing a generational change in management, appointing then-division head Jeon Seung-ho, who led overseas business, as co-CEO. CEO Jeon Seung-ho is also in his 40s (born in 1975).

The company stated, "We adhere to the principle of appointing talent based on ability and performance regardless of gender or age," and explained, "The newly appointed EVP is recognized for his contributions as a young leader who transformed the existing sales and marketing paradigm, greatly contributing to the company's growth."

Meanwhile, Daewoong Bio, an affiliate of the group, promoted Jin Sung-gon, Head of CNS Sales Division, to Executive Vice President. EVP Jin joined Daewoong Pharmaceutical in 1992 and has held positions such as sales office manager, marketing director, and business division head for over 20 years.