Hugel Recruits Cha Seok-yong, Former LG Household & Health Care Vice Chairman... "Accelerating Global Growth"

Appointment of Chairman and Chairperson at the General Meeting and Board Meeting on the 30th
LG Saenggeon Achieves 17 Consecutive Years of Sales and Operating Profit Growth
"Enhancing Global Strategy and Developing New Businesses"

Hugel announced on the 31st that it held the 22nd regular general meeting of shareholders and board of directors on the 30th, and appointed Cha Seok-yong, former Vice Chairman of LG Household & Health Care, as chairman.

Chairman Cha Seok-yong of Hugel. [Photo by Hugel]

At the regular general meeting of shareholders held that day, four agenda items were presented, including the approval of financial statements and the appointment of Cha Seok-yong, former CEO of LG Household & Health Care, as an outside director, all of which were approved as originally proposed. At the board meeting held in the afternoon of the same day, Cha Seok-yong was appointed as Hugel's new chairman and chairman of the board.

Chairman Cha served as CEO of LG Household & Health Care for 18 years from 2005 to 2022, achieving a record of 17 consecutive years of increased sales and operating profit. In particular, he strengthened the portfolio of business divisions through a total of 28 mergers and acquisitions (M&A) and expanded the market to North America, China, and Japan, growing LG Household & Health Care into the industry leader and a global company. Chairman Cha previously served as President of Korea P&G and CEO of Haitai Confectionery.

Hugel expects that the recruitment of Chairman Cha will also boost its leap to a global top-tier company. Based on Chairman Cha's expertise in the aesthetic field and experience in pioneering overseas markets, the company plans to enhance its global strategies for existing botulinum toxin, fillers, and cosmetics, and accelerate growth through new business development.

Brent Saunders, former chairman of Hugel's board of directors, who served as the previous chairman, plans to continue supporting the company's growth and global market expansion as chairman of the newly established advisory committee.

A Hugel official said, "We expect that newly appointed Chairman Cha Seok-yong will lead Hugel's global growth with the existing board of directors under the support of shareholders, based on his business insights spanning not only aesthetics but various industries," adding, "We will continue company-wide efforts with Chairman Cha to lead the medical aesthetic industry."