Chairman Shin Dong-bin's eldest son appointed as head of the Future Growth Office
As the third generation of SK and Lotte owners in the business world have been promoted and appointed to executives of pharmaceutical bio affiliates, their moves are drawing attention in the future. Since SK and Lotte are representative business groups of Korea, we have no choice but to pay attention to each and every move of those who have strong capital.
According to SK Biopharmaceuticals on the 8th, Choi Yoon-jung, who led the strategic investment team, has been promoted to the new head of the business development division. Choi Yoon-jung is the eldest daughter of SK Group Chairman Chey Tae-won.
Choi, who joined SK Biopharmaceuticals in 2017, will become an executive six years after joining the company. SK Biopharmaceuticals has integrated its existing business development team and strategic investment team under its business development headquarters.
The company explained, "This is to strengthen the efficiency, flexibility and collaboration of R&D, and to maximize synergy between business development and strategic investment."
Lotte Chemical appointed Shin Yoo-yeol, executive director of basic materials, as the head of the Future Growth Office.
Earlier, Lotte Group's holding company, Lotte Group, established a future growth room dedicated to global and new businesses. Lotte Group plans to manage new businesses such as bio and healthcare and discover a second growth engine.
Shin Yoo-yeol is the eldest son of Lotte Group Chairman Shin Dong-bin.
Shin joined Lotte Holdings in Japan in 2020 and served as the managing director of Lotte Chemical's Tokyo branch in 2022, Lotte Street Investment (LSI) CEO, and Lotte Financial CEO in 2022.
He also serves as the head of global strategy at Lotte Biologics, a consignment development and production (CDMO) company of Lotte Group. Lotte Group explained that Shin plans to lead the company's growth into a global CDMO company by directly participating in the management of the bio business, which is the core of Lotte Group's future growth.
The industry accepts the promotion of executives of the third generation of owners as a kind of 'management class'.
In other words, under the judgment that the pharmaceutical bio industry will grow in the future, it will strengthen its expertise by gaining practical experience at major affiliates.
According to the Korea Pharmaceutical Bio Association, a total of 17 technology export contracts for new drug candidates made in Korea this year. This is one more than last year.
The total size of the contract is about 5.26 trillion won (as of December 1), excluding non-disclosure contracts.
[WIKI KOREA=Cho Pil Hyun, Staff Reporter]
chop23@wikileaks-kr.org
