"'Owner 3rd Generation' Han Sang-cheol Promoted to President... 17 Years Since Joining Jeil Yakpum"

Hansangcheol, Vice President of Cheil Pharma Holdings

[Asia Economy Reporter Chunhee Lee] Hansangcheol, Vice President and third-generation owner of Jeil Pharmaceutical, will be promoted to president starting next year.

Jeil Pharma Holdings, the holding company of Jeil Pharmaceutical Group, announced on the 21st that it has carried out executive promotions for Jeil Pharmaceutical and its affiliates effective January 1st next year. A company official stated, "We focused on personnel with expertise and core competencies in each field based on the principle of meritocracy."

Newly appointed President Hansangcheol is the grandson of Jeil Pharmaceutical founder Hansuk Han and the eldest son of Chairman Seungsu Han. Born in 1976, he joined Jeil Pharmaceutical as head of the oncology division in 2006 and was promoted to president after 17 years. His younger brother, Director Sangwoo Han (Development Headquarters), was also promoted to executive director. Other promotions to director include Kwanghyun Ahn, Sumi Kim, and Sunghyun Jeon, while Ho-cheol Lee, Sumin Jeon, Miyoung Kim, Jongyeop Kim, and Seokwon Kang were promoted to managing director. At Jeil Health Science, Inchang Choi was promoted to director.

The company emphasized, "Hansangcheol, the new president, already serves as the CEO of the holding company Jeil Pharma Holdings," and stated that this promotion should not be interpreted as the full-scale start of 'third-generation management.' Hansangcheol’s promotion is a change in title only, and there is no change in the duties or positions he held as vice president.

However, this has drawn attention to the future of CEO Seongseokje, who has led the company for 17 years, successfully serving six consecutive terms since becoming CEO of Jeil Pharmaceutical in 2005. His current term runs until March next year. A Jeil Pharmaceutical official emphasized, "There is no confirmed change regarding CEO Seongseokje’s position at this time."

The decision on whether to restructure Jeil Pharmaceutical’s operational framework is expected in March next year. Given Chairman Seungsu Han’s strong trust in CEO Seongseokje, the possibility of reappointment is considered high. There is also speculation that following this promotion and the shareholders’ meeting, a co-CEO system with Hansangcheol and CEO Seongseokje may be established.