Chong Kun Dang Holdings appoints new president.
Chong Kun Dang (CKD) Holdings, the holding firm of pharmaceutical group Chong Kun Dang, has appointed Woo Young-soo as its new president, according to the company, Monday.
In its shareholders' meeting held last week, CKD Holdings shareholders approved the 54-year-old managing director for the position.
The appointment came after the firm's previous President Rhee Byung-gon abrupt resignation, with two years left in his three-year term.
Before taking the job at CKD Holdings, Rhee was president of Green Cross Holdings, the holding company of GC Pharma. The senior level official's move between the two pharmaceutical giants drew keen attention here. The details behind Rhee's resignation are unconfirmed.
The new president has built a reputation as a corporate strategist. He spent most of his career as director for corporate strategy at companies such as Hanaro Telecom (now SK Broadband), Hankook Tire and KT.
He served as the executive director of Chong Kun Dang Kochon Foundation in 2016 and managing director of CKD Holdings last year. He holds a doctorate in economics at Cornell University.
A remaining task for him is coordination with Chong Kun Dang, whose CEO Kim Young-joo secured another three-year term on the company's robust performance in recent years.
Chong Kun Dang logged 77.8 billion won ($72.6 million) in operating profit last year, up 27 percent from a year earlier. Its sales also grew 6.3 percent to 884.36 billion won in 2017. Given the company posted a whopping 40 percent-level growth in both sales and operating profit from 2015 to 2016, the firm has sharp growth momentum, with analysts projecting sales to hit 1 trillion won this year.
On the heels of Chong Kun Dang's surge, CKD Holdings also posted handsome numbers last year _ 43.5 billion won in operating profit and 450.7 billion won in sales, up 88.7 percent and 34.3 percent, respectively.
Chong Kun Dang group is comprised of 11 affiliates. Four of them _ Chong Kun Dang, Kyongbo Pharm, Chong Kun Dang Bio and Chong Kun Dang Healthcare _ are pharmaceutical or healthcare companies, while others are in real estate leasing, asset management, plants, public relations and other industries.