LigaChem Biosciences said on the 28th that founder and CEO Kim Yong-ju will step down as CEO and that Park Se-jin has been nominated as the new CEO. Kim will be promoted to chair.
LigaChem Biosciences, a bio company under the Orion Group, made the personnel move to mark its 20th anniversary. The plan is to accelerate its growth strategy with a "two-top leadership" that separates research and development (R&D) from management. Kim, who founded the company in 2006, will focus on identifying future growth engines and serve as an adviser on Orion Group's overall bio business.
Co-founder Park Se-jin, president, has been nominated as the new CEO. The company said in a preliminary disclosure ahead of the board resolution that Park is set to be appointed CEO. Park, currently an inside director, will be officially appointed following a board vote.
Born in 1962, Park worked at LG Chem as head of strategic planning and head of the OLED business team before founding LigaChem Biosciences with CEO Kim Yong-ju in 2006. Park has since served concurrently as chief operating officer (COO) and chief financial officer (CFO), leading overall company management.
R&D will be overseen by Senior Executive Vice President Chae Jae-uk. Chae is the chief technology officer (CTO) and head of the Boston clinical subsidiary, and is set to lead global clinical operations and technology development together. Management will be handled by Park, and technology by Chae.
The personnel move also included elevating next-generation talent. Ok Chan-young, head of the translational research (TR) center, was promoted to executive director. Ok previously served as a professor of medical oncology at Seoul National University and as chief medical officer (CMO) at medical artificial intelligence (AI) company Lunit. The company plans to strengthen AI-based translational research to boost clinical competitiveness and expand cooperation with global pharmaceutical companies.
Some analysts say the reshuffle came amid recent profitability pressures. LigaChem Biosciences' revenue last year was 141.5 billion won, up 12.4% from a year earlier, but operating loss widened to 106.4 billion won. The assessment is that the company is accelerating a pipeline overhaul with a "selection and concentration" strategy that clears out development assets and rapidly adds new technology.
Orion Group said, "With this personnel move, Chair Kim Yong-ju's expertise and extensive experience will further strengthen the competitiveness of Orion Group's overall bio business," adding, "LigaChem Biosciences will grow into a global biotech company with differentiated research capabilities under its new leadership."