Celltrion Vice Chairman Kim Hyeong-gi to Step Down; Inside Director Nominee Changed

 
Kim Hyeong-gi, vice chairman and head of Celltrion’s global sales business who is known as a close aide to Chairman Seo Jung-jin, is stepping away from day-to-day management.

Celltrion said on March 6, in a revised regulatory filing on its notice convening a shareholders meeting, that it changed its nominee for inside director ahead of its regular shareholders meeting scheduled for March 24. The company replaced Kim with Shin Min-cheol, head of the management division and a company president.

A key agenda item for the meeting had been proposals to reappoint co-CEOs Ki Woo-sung and Kim as inside directors, with their terms set to expire at the end of March. After Kim indicated his intention to retire, the company plans to seek shareholder approval to appoint Shin as an inside director in his place.

Kim is known as a core associate of Seo, with ties dating back to their time at Daewoo Motor.

Shin, who is set to fill Kim’s role, oversees the management division after serving as head of the financial management headquarters and the management headquarters, and is expected to be appointed an inside director pending shareholder approval.