Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Owner family strengthens control of Celltrion
Celltrion Vice Chairman Seo Jung-su, left, and Celltrion CEO Seo Jin-seok / Courtesy of Celltrion
By Park Jae-hyuk
Celltrion has assigned important tasks to Chairman Seo Jung-jin’s younger brother and oldest son, according to industry officials, Wednesday.
The move is seen as signaling the founder’s intention to strengthen his family's control of the biopharmaceutical firm, which merged recently with Celltrion Healthcare, the group’s sales and marketing affiliate, and which plans to merge with Celltrion Pharm by the end of this year.
Following the appointment of the chairman’s oldest son, Seo Jin-seok, as one of the three co-CEOs of Celltrion last December, the company decided to send him to San Francisco for the J.P. Morgan Healthcare Conference taking place from Jan. 8 to 11.
The younger Seo will join his father during his speech at the annual conference’s main track session.
“My oldest son, who graduated from Seoul National University and received a Ph.D. from KAIST, has been recognized globally,” the chairman said during a general meeting of shareholders last year.
On Tuesday, Celltrion Pharm CEO Seo Jung-su, the chairman’s younger brother, was promoted to vice chairman from president and appointed as chief secretary of Celltrion.
He is expected to play an important role for Celltrion’s planned merger with Celltrion Pharm, considering the fact that he has led Celltrion Pharm for the past eight years.
Born in 1959, he joined Celltrion Pharm in 2012 after serving as a GS E&C executive.
Celltrion explained that Yoo Young-ho, who was recently promoted to president from vice president, will lead Celltrion Pharm to succeed his predecessor’s role.
Celltrion Group Chairman Seo Jung-jin speaks during a press conference at Parc.1 Tower in Seoul in this October 2023 file photo. Courtesy of Celltrion
In January 2019, the Celltrion chairman told reporters that he would start allowing professional managers to lead the company in 2021, although he would hand over his shares to his children.
He actually stepped down at the regular retirement age of 65 in March 2021.
However, he returned to management in March 2023, citing management’s request to help the company cope with the growing global economic uncertainties. Since then, there has been speculation that the chairman may hand over the group’s control to his son, instead of professional managers.