Boryung shifts to sole CEO system, strengthening growth and space expansion

Boryung said its board of directors has decided to shift to a sole CEO system, with Kim Jung-gyun as the sole chief executive. This decision follows the voluntary resignation of co-CEO Jang Doo-hyun, who stepped down for personal reasons ahead of the expiration of his term in March.

Kim, who started his career at Samjong KPMG in January 2011, joined Boryung in 2014 and has been serving as CEO since 2022.

During his tenure, Kim played a key role in expanding the market presence of the blockbuster hypertension treatment Kanarb family, establishing Boryung’s independent oncology) division, and executing the Legacy Brands Acquisition (LBA) strategy to drive significant growth in the company’s oncology business.

Also, he spearheaded the company’s essential medicine production and contract development and manufacturing organization (CDMO) business, achieving Boryung’s milestone of surpassing 1 trillion won ($685.9 million) in annual revenue in 2024.

"Given the current uncertain business environment, it is crucial to adopt a decisive leadership approach to execute Boryung’s growth strategy swiftly and effectively," Boryung said. 

The company reaffirmed its commitment to global healthcare leadership by ensuring stable production of critical medicines and accelerating profit growth and innovation.

In addition to the leadership transition, the board also approved the cancellation of 1 million treasury shares, worth approximately 10.2 billion won, equivalent to about 1.2 percent of the company’s total issued shares.

This marks the largest treasury share cancellation in Boryung’s history. The company explained that the move reflects confidence in its future growth potential and is part of its ongoing efforts to enhance shareholder value by strengthening its revenue generation structure and maintaining solid financial performance.

Industry observers expect Boryung’s space business to gain further momentum under Kim’s sole leadership.

Since entering the space industry in 2022, Boryung has invested $60 million in Axiom Space, a private space station developer, and has been actively engaging in joint ventures to expand its presence in the aerospace sector.