Expert Leading LG Saenggeon for 18 Years
Strengthened Portfolio with 28 M&A Deals
"Advancing Global Strategy and Developing New Businesses"
Cha Seok-yong, former Vice Chairman who led LG Household & Health Care for 18 years, will take on the role of Chairman at medical and aesthetic company Hugel.
On the 30th, Hugel held its 22nd regular shareholders' meeting and board of directors meeting, appointing former LG Household & Health Care Vice Chairman Cha as the new Chairman and Chairman of the Board. During his tenure as Vice Chairman of LG Household & Health Care, Cha was known for consistently breaking performance records every year, earning the nickname "Cha Seok-yong Magic." From 2005 to 2022, he served as CEO of LG Household & Health Care for 18 years, achieving 17 consecutive years of increased sales and operating profit. Notably, he strengthened the business portfolio by strategically acquiring companies such as CNP Cosmetics, Physiogel, and Coca-Cola Korea. A total of 28 mergers and acquisitions (M&A) were completed during his tenure.
Hugel explained that this expansion of the business portfolio successfully led the company’s global market growth in China, North America, Japan, and other regions, demonstrating his outstanding corporate management capabilities. Beyond the aesthetic field, Cha also held leadership roles such as President of Korea P&G and CEO of Haitai Confectionery, crossing industry boundaries and achieving diverse management successes. Hugel expects that the recruitment of Chairman Cha will also accelerate its leap to a global top-tier company.
Based on Chairman Cha’s expertise in the aesthetic field and experience in pioneering overseas markets, Hugel plans to enhance its global strategies for existing products such as botulinum toxin, fillers, and cosmetics, while accelerating growth through new business development. A Hugel official stated, "We expect Chairman Cha Seok-yong to lead Hugel’s global growth with the existing board of directors and the support of shareholders, leveraging his business insights that span not only aesthetics but various industries. We will continue company-wide efforts with Chairman Cha to lead the medical aesthetic industry." Last year, Hugel recorded sales of 281.7 billion KRW and operating profit of 102.5 billion KRW, both all-time highs. The flagship products, botulinum toxin Botulax and HA filler The Chaeum, drove these results.
Hugel plans to accelerate its overseas market expansion this year. In Europe, it aims to obtain additional approvals in 16 countries, completing product approvals in a total of 36 countries within the year. In China, where the HA filler launch is expected this year, Hugel will actively leverage the synergy between its toxin and filler products and conduct differentiated marketing activities such as the existing "Retivo genuine product certification campaign." The United States, which reapplied for product approval last October, is expected to obtain approval and launch locally within the year. Canada and Australia, which obtained approvals last year, are also expected to launch products through local subsidiaries.
Chairman Cha was born in Seoul in 1953. After graduating from Gyeonggi High School, he moved to the United States and earned a bachelor's degree in accounting from the State University of New York. He then obtained a master's degree in business administration from Cornell University Graduate School. He also completed law school at Indiana University. In 1984, he joined Procter & Gamble (P&G) in the U.S. and became President of Korea P&G within 14 years. Recognized for his outstanding management skills, he was recruited as CEO of Haitai Confectionery, which was under court receivership, and led the company to profitability over three years. In 2005, he moved to LG Household & Health Care, serving as CEO and Vice Chairman until last year.
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