Sillajen said it has appointed a new CEO and planned to add new businesses at a shareholders meeting late this month to normalize and bolster its business.

On Thursday, the company’s board of directors appointed vice president Jang Dong-taek as new CEO and senior managing director Park Sang-keun as head of the R&D division. In addition, former Sillajen CEO Kim Sang-won resigned for health reasons and would serve as a non-executive director to help normalize the company’s business.

New CEO Jang is a finance expert who graduated from Sogang University in economics and completed MBA at Sungkyunkwan University.

He was in charge of financial planning, global new business development, and M&A deals at SK Telecom and SK E&S. After serving as a chief financial officer (CFO) at BS Rental, Jang joined Sillajen in July. At Sillajen, Jang has led the strategies and planning division and handled overall management, including response to the Korea Exchange’s regulations.

“The resumption of stock trading is the top priority of Sillajen,” Jang said. “We will further strengthen our internal structure, resume trading, and strive to enhance shareholder value.”

Senior managing director Park Sang-keun, who used to lead M2N Bio, has been appointed as R&D chief of Sillajen. Park obtained MBA from North Carolina State University and served as head of the Korean branch of Actelion, which became part of the Janssen Pharmaceutical Companies of Johnson & Johnson.

After taking office as new CEO of M2N Bio in January, Park led the clinical trial of GRN-300, an ovarian cancer treatment of Greenfire Bio, a U.S. subsidiary of M2N.

Kim Jae-kyung, former CEO of LabGenomics, will join Sillajen as a non-executive director. Kim graduated from Seoul National University College of Medicine and obtained a specialist license in psychiatry at Samsung Medical Center. He is a founding member of LabGenomics.

Sillajen also plans to add new businesses at a shareholders meeting on Oct. 29.

The new businesses Sillajen intends to add manufacturing and selling of drug raw materials and quasi-drugs, medical equipment, sanitary products, medical supplies, medical devices, wholesale and retail of cosmetics, health functional foods, e-commerce, and related distribution, and industry-specific PR and marketing.

Industry watchers interpreted the addition of new businesses as Sillajen’s plan to enter new markets and clinch M&A deals.

“It is very encouraging that experts from various fields joined the oncology virus development company,” a Sillajen official said. “Our all executives and employees will make every effort to normalize business and improve shareholder value.”