SD Biotechnologies, a subsidiary of Daewon Pharmaceutical, said on the 18th that it appointed Baek In-yeong, head of Daewon Pharmaceutical's healthcare division, as its new CEO. The new CEO Baek is the eldest son of Daewon Pharmaceutical Vice Chairman Baek Seung-yeol and will join management following his cousin, CEO Baek In-hwan.
Daewon Pharmaceutical is jointly managed by Chairman Baek Seung-ho, the eldest son of the late Chairman Baek Bu-hyeon, and Vice Chairman Baek Seung-yeol, the second son, and CEO Baek In-hwan and division head Baek In-yeong, members of the third generation of owners, have come to the forefront of management.
The new CEO Baek joined Daewon Pharmaceutical in 2019 and is in charge of the healthcare division overseeing the over-the-counter drug and health functional food businesses. Daewon Pharmaceutical, which has grown centered on prescription drugs, sees the healthcare business as a new growth pillar, and Baek's leadership is seen as a key driver for reshaping the division's fundamentals and creating new markets.
In particular, Baek led the normalization of management by overseeing post-merger integration (PMI) after acquiring Daewon Healthcare, an original equipment manufacturing (OEM) subsidiary, in 2021.
SD Biotechnologies said, "Since being incorporated as an affiliate of Daewon Pharmaceutical in 2023, there have been calls in the market for accountable management by Daewon Pharmaceutical," adding, "This personnel appointment is a strategic decision to strengthen accountable management at the level of the major shareholder and to secure management stability and growth drivers."
The new CEO Baek said, "We will now focus our capabilities in earnest on business growth, which has been somewhat neglected during the process of improving the cost structure and renewing personnel after the merger," adding, "We plan to recalibrate our growth strategy around new product development and creating synergies with Daewon Pharmaceutical."
Daewon Pharmaceutical has a structure in which Chairman Baek Seung-ho, the eldest son of the late Chairman Baek Bu-hyeon, and Vice Chairman Baek Seung-yeol, the second son, jointly manage the company. CEO and president Baek In-hwan, the son of Chairman Baek Seung-ho, and division head Baek In-yeong, members of the third generation of owners, are taking a leading role in management.