Chairman Yoo Seung-pil of Yuyu Pharma Retires... 'Third-Generation Owner' President Yoo Won-sang Becomes Sole CEO

Yu Yu Pharmaceutical Chairman Yoo Seung-pil

Yoo Won-sang, President of Yuyu Pharma

[Asia Economy Reporter Seo So-jung] Yuyu Pharma is entering a sole CEO system under 'third-generation owner' Yoo Won-sang.

On the 27th, Yuyu Pharma announced that Chairman Yoo Seung-pil held his retirement ceremony, concluding his 46 years of dedicated pharmaceutical management. Accordingly, Yuyu Pharma will shift from the dual CEO system of Yoo Seung-pil and Yoo Won-sang to a sole CEO system led by Yoo Won-sang, the son of Chairman Yoo.

Chairman Yoo is credited with laying the foundation for Yuyu Pharma, which celebrated its 80th anniversary this year, to continue as a centennial company. He earned a Ph.D. in International Business from Columbia University in the United States and returned to Korea from his position as an assistant professor at Pace University Graduate School to take over the family business.

Over the following 46 years, he managed Yuyu Pharma, transforming its product lineup from mainly over-the-counter drugs to prescription drugs, and introduced two improved new drugs: the osteoporosis treatment 'Maxmavil' and the antiplatelet agent 'Eucreed,' exemplifying Yuyu Pharma's identity.

In 2001, he served as the 4th chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, representing the voice of the pharmaceutical industry, and in recognition of his contributions, he was awarded the Moran Medal of the Order of Civil Merit in 2003.

After retirement, Chairman Yoo will be appointed honorary chairman and serve as an advisor to Yuyu Pharma's management. He also plans to devote efforts to promoting culture and arts in Heyri Village and nurturing future scholars at universities.