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SK bioscience has appointed Professor Lee Eui-Kyung of the Department of Pharmaceutical Industry at Sungkyunkwan University, who served as the minister of food and drug safety, as its new outside director.
SK bioscience held its seventh annual general shareholders meeting on Wednesday at ECOLab in Seongnam, Gyeonggi Province.
Lee Eui-kyung, former Minister of Food and Drug Safety
Lee Eui-kyung, former Minister of Food and Drug Safety
At the meeting, all agenda items were approved as originally proposed, including the approval of financial statements, the appointment of independent directors, the appointment of audit committee members, and the approval of director compensation limits.
With the approval of the agenda to appoint outside directors, SK bioscience appointed Professor Lee, the fifth minister of food and drug safety, as a new outside director.
Director Lee served as the head of the Ministry of Food and Drug Safety from March 2019 to November 2020. Lee also headed the Korean Association of Health Technology Assessment, the Korean Academy of Social and Managed Care Pharmacy, the Korean chapter of the International Society for Pharmacoeconomics and Outcome Research (IPSOR), and the Korean Society of Food, Drug and Cosmetic Regulatory Sciences (KFDC).
During her tenure as MFDS, Lee handled major issues, such as the revocation of Kolon Life Science’s license for Invossa-K Injection, the suspension and recall of some artificial breast implants, the suspension of drug sales, including ranitidine, following the detection of carcinogens, and the introduction of five types of masks in response to the spread of Covid-19.
Although Lee had no direct contact with SK bioscience during her tenure as MFDS head, the ministry approved the phase 1 clinical trial of NBP2001, a Covid-19 vaccine developed by SK bioscience, on Nov. 23, 2020, shortly after her departure. NBP2001 was a recombinant vaccine produced by genetic recombination of the surface antigen protein of the Covid-19 virus, but development was halted after the first phase
SK bioscience's Andong Plant in North Gyeongsang Province (KBR photo)
SK bioscience's Andong Plant in North Gyeongsang Province (KBR photo)
Moon Chang-jin, one of the former outside directors at SK bioscience, resigned from the board on Wednesday for personal reasons with one year remaining in his term. Moon has served as an outside director of SK bioscience since October 2020 and previously served as vice minister of health and welfare and the seventh minister of food and drug safety (February 2006-June 2007).
Lee’s appointment marks the replacement of health administration experts on the company’s board of directors.
Following the appointment, SK bioscience's board will have seven directors four outside directors, accounting for 57.1 percent. Lee will serve as the only female director on the board.
Professor Park Sun-hyun of the Seoul National University Business School, an auditor to SK bioscience, was appointed outside director.
Park specialized in business strategy and international management and served as the DaimlerChrysler Asia Management Associate Program controller, an assistant professor at the University of Southern California's Marshall School of Business, and an outside director of Oricom and Seoul National University Technology Holdings.
SK bioscience also approved its 2024 financial statements at the meeting.
On a consolidated basis, the company posted sales of 267.5 billion won ($182.3 million), an operating loss of 138.4 billion won, and a net loss of 50.1 billion won. On a standalone basis, the company posted sales of 156.3 billion won, an operating loss of 133.6 billion won, and a net loss of 66.7 billion won.
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Kim Chan-hyuk kch@docdocdoc.co.kr
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