[Asia Economy Reporter Park Hyungsoo] XQURE, a KOSDAQ-listed company, has appointed a new CEO to normalize management.
XQURE announced on the 4th that it held an extraordinary general meeting of shareholders on the 2nd and appointed Jung Woocheon and Byun Seokho as inside directors. The agenda to appoint Lim Geun as an outside director and Kwak Jiwoong as an auditor was also approved.
New CEO Jung Woocheon stated, "Under the emergency management system, we will faithfully implement the improvement plan promised to the Korea Exchange by March 27 next year," and added, "We will establish a thorough internal control system and be reborn as a small but strong specialized company."
He continued, "XQURE is a specialized company in the embedded security field established 20 years ago this year," and introduced it as "a company possessing original technology for smart card operating systems."
He also said, "We have a stable business structure in the telecommunications and finance sectors," and added, "Next year, in line with the activation of 5G, we will expand our business in the Internet of Things authentication and security area, as well as the communication security area of connected cars."
Earlier, XQURE was designated as a company subject to a substantial review of listing eligibility. The Korea Exchange granted an improvement period until March 27 next year.
The Daekwang Healthcare side, which became the new major shareholder of XQURE, explained, "We have completely replaced the management and separated management," and said, "To enhance shareholder value, we will place all shares held by the major shareholder under a three-year lock-up and work with the new management to resume stock trading and normalize management."
Daekwang Healthcare is the largest shareholder holding 27.25% of XQURE's shares.
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