Amicogen, Chairman and Founder Shin Yong-cheol Removed as Inside Director

Amicogen, a bio-materials and healthcare specialized company, has dismissed its founder, Chairman Shin Yong-cheol, from his position as an inside director.

On the 26th, Amicogen held an extraordinary general meeting of shareholders at its headquarters in Songdo, Incheon, and announced that the proposal to dismiss Chairman Shin from the inside director position was approved. Accordingly, the management rights are expected to be reorganized around CEO Pyo Jjeo. At the same meeting, the proposal to dismiss outside director Park Sung-gyu was also passed.

Previously, Amicogen stated, "The dismissal proposal was submitted due to continuous disagreements that do not align with the company's management policy, as resolved by the board of directors."

Chairman Shin was recently revealed to have been sued on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud) involving approximately 5 billion KRW.

Meanwhile, at the general meeting, So Ji-seong, recommended by the shareholder coalition, and Kim Jun-ho, recommended by the board of directors, were newly appointed as inside directors. The proposals to appoint Han Chang-young and Kim Soon-yong as outside directors, recommended by the board, were also approved.