Boryung will transition to a single chief executive officer system led by Kim Jeong-kyun, the third-generation founder. Jang Doo-hyun, who has been leading the company together, has resigned.
Boryung announced on the 28th that the board of directors has changed the leadership structure from co-CEOs Kim Jeong-kyun and Jang Doo-hyun to a single CEO system with Kim Jeong-kyun. The company explained that Jang resigned voluntarily for personal reasons ahead of the expiration of his term in March.
Previously, Kim handled Boryung's space business, while Jang was in charge of the pharmaceutical division. Moving forward, Kim will oversee all business areas. Kim graduated with a degree in industrial engineering from the University of Michigan, then completed a master's program in social administration and pharmaceutical science at Chung-Ang University. He joined Boryung in 2014 after working at Samjeong KPMG in January 2011 and has been the CEO since 2022.
Regarding the change to a single CEO system, Boryung said it was a decision made considering that "responsible management is needed to swiftly and effectively implement Boryung's growth strategy in an uncertain management environment." The company added that it aims to secure the production capacity to reliably supply strategically essential pharmaceuticals to become a company that is essential for human health and will accelerate its profit-generating capabilities and global new growth momentum based on this.
On the same day, the board also approved the retirement of 1 million of its own shares to enhance shareholder value. This amounts to approximately 10.2 billion won, which is about 1.2% of the total number of issued shares. It is the largest stock retirement decision since the company's establishment.