Celtreon Seo Jung-jin Bowed by Sluggish Stock Prices "Will Give Strong Directives to Management"

Seo Jung-jin, Honorary Chairman of Celltrion Group who has returned to frontline management, recently apologized to shareholders for the company's sluggish stock performance.

On the morning of the 28th, Seo attended the Celltrion shareholders' meeting held at Songdo Convensia in Songdo, Incheon, and said, "I came to apologize to the shareholders before the start of the shareholders' meeting," adding, "The company should perform well so that employees feel rewarded and shareholders do not suffer losses, but I have nothing to say even if I had ten mouths," bowing his head. He expressed, "It pains me deeply that things have not gone as expected and have caused difficulties," and stated, "After today's shareholders' meeting, I will run alongside everyone and work even harder."

Seo said, "As soon as January started this year, I first went to Europe to inspect operations in 27 countries. I also visited contract manufacturing organization (CMO) sites for inspection, and just three days ago, I reviewed direct sales in the United States and Canada," emphasizing, "Until now, I have gone as an honorary chairman to encourage employees, but after the shareholders' meeting, I will give strong directives to the management as the head of the group." He added, "I am a shareholder just like you. All the shares are under my name; none are under my wife’s or children’s names. Since the company's founding, I have never sold any shares," he said. He bowed his head again, saying, "I fully understand your feelings and apologize on behalf of the group." He also expressed his intention to listen to shareholders' opinions. He stated, "If you have any questions, I will not avoid them, ignore them, or give formal answers during the Q&A session after the shareholders' meeting. I will sincerely answer all questions," and added, "I will accept unlimited questions and respond."

Seo told the shareholders, "In times like these when uncertainty is increasing (as it is now), I thought it would be better for me to come and join forces," and concluded by saying, "Please be generous and help make this a normal shareholders' meeting. Thank you."

On that day, Seo spoke to the shareholders before the start of the shareholders' meeting in his capacity as Honorary Chairman of Celltrion Group, not as an inside director. If the shareholders' meetings of the three Celltrion Group companies proceed as scheduled that day, Seo will serve as an inside director and co-chairman of the board of directors for a two-year term. Some shareholders held a picket protest to express their dissatisfaction with Celltrion’s recent stock slump. Some shareholders also shouted in protest about the stock decline before Seo’s remarks.