[Asia Economy Reporter Hyungsoo Park] Kyungdong Pharmaceutical has appointed CEO Kyunghoon Kim as an additional representative, changing to a dual CEO system with Gi-seong Ryu and Kyunghoon Kim.
Kyungdong Pharmaceutical announced on the 30th that it held a board meeting on the 29th and newly appointed Kyunghoon Kim, Chief Financial Officer (CFO), as CEO. The previous sole CEO system under Gi-seong Ryu has changed to a dual CEO system with Gi-seong Ryu and Kyunghoon Kim. By introducing the dual CEO system, the company aims to strengthen expertise and enhance corporate competitiveness.
CEO Kyunghoon Kim is a former partner of the audit division at Ernst & Young (EY), one of the global Big Four accounting and consulting firms, and joined Kyungdong Pharmaceutical as CFO in 2019. He oversees overall finance and accounting operations as well as new business discovery and investment activities. He is leading investments in various bio venture companies.
Newly appointed CEO Kim said, "Kyungdong Pharmaceutical has secured a stable business and financial structure based on prescription drugs and a strong sales network centered on regional hospitals and clinics. We will focus on expanding growth engines and increasing corporate value through aggressive investments."
Kyungdong Pharmaceutical is strengthening future growth engines through investments in the bio healthcare business. In 2020, it invested 11 billion KRW in the Smart Korea Kyungdong Kinggo Bio Fund. It is also actively investing in venture companies in the bio healthcare sector. Last year, it made equity investments in ANLBIO, a company specializing in gene therapy for degenerative brain diseases, and AULBIO, a venture company developing long-acting biopharmaceuticals.
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