[Asia Economy Reporter Chunhee Lee] Kyungdong Pharmaceutical founder Chairman Ryu Deok-hee will step down from the front lines of management as of the 30th. Going forward, Vice Chairman Ryu Ki-sung will lead Kyungdong Pharmaceutical as the sole representative.
Chairman Ryu Deok-hee established Yuil Sangsa, the predecessor of Kyungdong Pharmaceutical, in September 1975. The following year, the company changed its name to Kyungdong Pharmaceutical and he led the company for 46 years. Starting as a specialized manufacturer of therapeutics, Kyungdong Pharmaceutical has developed and produced synthesis methods and new formulations of various medicines, which were previously dependent on imports, using domestic technology.
During the company's growth, Chairman Ryu also actively emphasized management through sharing. The company's accumulated donations from its founding to the present amount to approximately 36.1 billion KRW. In addition, Chairman Ryu served as chairman of the Korea Pharmaceutical Cooperative, vice chairman of the Korea Federation of Small and Medium Business Cooperatives, and chairman of the Korea Pharmaceutical Association, contributing to the development of the pharmaceutical industry.
A Kyungdong Pharmaceutical official stated, “Although Chairman Ryu is stepping down from the front lines of management, he will continue to take a steady interest in overall company management as honorary chairman after retirement and will actively provide advice as needed.”
Going forward, CEO Ryu Ki-sung, who will lead the company alone, joined Kyungdong Pharmaceutical in 2006 and managed development, marketing, and import/export operations while serving as head of the management strategy division. In 2011, he was appointed CEO, establishing pharmaceutical development and sales growth strategies, expanding his scope of work as head of the production division and research and development (R&D) center, gaining experience across all areas.
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