Hugel, the Largest Shareholder of CBC-GS Consortium, Holds Company-wide Town Hall Meeting

Hugel announced on the 3rd that it held a company-wide town hall meeting on the 2nd following the change of its largest shareholder. Attending the town hall meeting were Seo-Hong Heo, Head of GS Future Business Team (Vice President), Tae-Hyung Lee, GS CFO (Executive Director), Michael Kyung (Kyung Han-Soo), CBC Group Korea and North America Representative, and Ji-Hoon Son, Hugel CEO (from left in the photo). Photo by Ji-Hoon Son

[Asia Economy Reporter Chunhee Lee] Hugel announced on the 3rd that it held a company-wide town hall meeting on the 2nd following the change of its largest shareholder.

The town hall was conducted both online and offline, attended by Jihoon Son, CEO of Hugel; Michael Kyung (Kyung Hansu), Korea and North America Representative of CBC Group; Seohong Heo, Head of GS Future Business Team (Vice President); and Taehyung Lee, Executive Director and Chief Financial Officer (CFO) of GS.

In this first town hall meeting held after the change of the largest shareholder, messages regarding Hugel’s vision and direction for global advancement were shared, followed by a Q&A session with employees.

CEO Son Jihoon said, “Since signing the stock purchase agreement last August, the company has faced several unexpected external challenges. Nevertheless, the successful completion of the largest shareholder change was based on trust in Hugel’s fundamental competitiveness and growth potential.”

He continued, “Hugel has repeatedly achieved remarkable growth based on excellent capabilities, and plans to maintain the company’s mid- to long-term strategy, vision, and operational foundation as recognized through past achievements. Through building a strong partnership with the new shareholders, we will actively leverage the organic synergy with GS Group, CBC Group, IMM Investment, and Mubadala to grow as a leader in the global medical aesthetic market,” he emphasized.

Earlier, Hugel announced on the 29th of last month that its largest shareholder had changed from the existing LIDAC to Aphrodite Acquisition Holdings. Aphrodite Acquisition is a multinational consortium composed of CBC Group, a Singapore-based global healthcare-focused investment fund; a special purpose company (SPC) jointly funded by GS, domestic private equity firm IMM Investment; and an investment company of Mubadala, the Middle Eastern sovereign wealth fund.

At the extraordinary general meeting held that day, Wei Hu, CEO of CBC Group, Michael Kyung, Korea and North America Representative, Vice President Heo Seohong of GS, and Executive Director Lee Taehyung of GS were newly appointed as non-executive directors. Patrick Holt, formerly of Merck and Allergan in the U.S., and Professor Seungmin Ji of Korea University were also appointed as outside directors.

Representatives Kyung and Vice President Heo also attended the town hall meeting, sharing Hugel’s future blueprint and plans, and promised to actively support leveraging the diverse resources each company holds to help Hugel leap forward as a global leading company and to lead and grow the global medical aesthetic market.

Representative Kyung said, “I applaud and respect the efforts of Hugel’s employees, and as a ‘new family,’ CBC Group will work together to build Hugel as a global company by providing multifaceted support utilizing CBC Group’s capital, global success experience, and network to help Hugel grow into a global leading company.” Vice President Heo also stated, “Joining Hugel is part of GS Group’s efforts to develop the bio sector as a new business. As the slogan ‘Grow with US,’ which encapsulates GS Group’s management philosophy, suggests, GS, CBC, and Hugel will grow together, and we will spare no support to help Hugel succeed as a world-class company.”