Yoon Jae-seung, Former Daewoong Pharmaceutical Chairman, Returns to Company After 3 Years and 4 Months... "Advisory Role"

Daewoong Pharmaceutical exterior.

[Asia Economy Reporter Lee Gwan-joo] It has been confirmed belatedly that Yoon Jae-seung, former chairman of Daewoong Pharmaceutical who stepped down from the front lines of management amid verbal abuse controversies, has returned to the company and its affiliates as a non-executive advisor after about 3 years and 4 months.

According to the industry on the 18th, former Chairman Yoon has been listed as a non-registered, non-executive officer with the title of CVO (Chief Vision Officer) at Daewoong Pharmaceutical, holding company Daewoong, and affiliate HanAll BioPharma since January this year.

Currently, Daewoong Pharmaceutical and others are all operated under a professional management system. Daewoong Pharmaceutical is led by co-CEOs Jeon Seung-ho and Lee Chang-jae, while HanAll BioPharma is under co-CEOs Park Seung-guk and Jung Seung-won.

Former Chairman Yoon is the third son of founder Honorary Chairman Yoon Young-hwan and, as of the end of March this year, is the largest shareholder holding 111.6% of shares in the holding company Daewoong. In August 2018, amid a verbal abuse controversy, he relinquished all positions he held at Daewoong and Daewoong Pharmaceutical and stepped down from the front lines of management.

A Daewoong Pharmaceutical official stated, “CVO Yoon Jae-seung focuses on an advisory role supporting the decision-making of the CEOs on major issues such as discovering future new growth engines across the group, R&D investment, and global business support, rather than being involved in the day-to-day management activities of the affiliates. Currently, Daewoong Pharmaceutical operates as an independent management system centered on professional managers, and plans to continue developing an autonomous and responsible management system tailored to the business characteristics of each company.”