Alteogen is shifting from a founder-led structure to a professional management system. It appointed Executive Vice President Jeon Tae-yeon as the new CEO, and Park Soon-jae will step down to become chair of the board.
On the 26th, after holding an extraordinary shareholders meeting for approval of a KOSPI transfer listing, Alteogen convened its board and approved an agenda to accept the resignation of Chair Park Soon-jae as CEO and to appoint current inside director and head of the business development (BD) and IR institutional sector, Executive Vice President Jeon Tae-yeon, as the new CEO. Jeon will be promoted to president and serve as CEO.
Although Park will step down from the CEO post, Park will remain an inside director, chair of the board, and the largest shareholder. The company said Park will focus on setting long-term vision and strategic direction, identifying new pipelines beyond the human hyaluronidase-based platform "ALT-B4," and establishing a board-centered management system.
Park founded Alteogen in 2008 and has led the company since. When it listed on KOSDAQ in 2014, the organization had a staff of a little over 30; it has now expanded to more than 170, and revenue grew from 7 billion won to about 150 billion won on a cumulative basis through the third quarter of this year. Building on the ALT-B4 technology, Alteogen has worked with global pharmaceutical companies and delivered commercialization results, establishing itself as a top-tier bio company on KOSDAQ by market capitalization.
New CEO Jeon Tae-yeon, born in 1965, is a biotech expert with a Ph.D. in biochemistry and qualification as a U.S. patent attorney. Since joining Alteogen in September 2020, Jeon has overseen the BD and IR institutional sector, leading deals with global big pharma and contributing to the commercialization of ALT-B4, according to assessments. Before joining Alteogen, Jeon worked as a U.S. patent attorney at Darae Strategic Business Commercialization Center.
With this CEO change, Alteogen intends to shift its center of gravity from a technology corporations focused on research and development to a bio corporations with global commercialization capabilities.
A company official said, "In an unpredictable internal and external environment, we are at an inflection point that requires change beyond our existing growth model," and added, "We will respond proactively to the rapidly changing environment and leap forward as a global bio company."