Samsung Biologics (207940.KS) announced the appointment and expansion of its board of directors at its 9th annual general meeting of shareholders that took place on March 20th. In the course of expanding its business model from a contract manufacturing (CMO) company to development (CDO) and research (CRO) services, Samsung Biologics has achieved sizable growth since its foundation in 2011. The company has also been striving to demonstrate greater transparency, expertise, and diversity in structuring its board, which is currently comprised of seasoned professionals in diverse fields, including finance, accounting, law, and biotechnology, to promote greater independence and strengthened governance.
The total number of board members was also increased from five to seven; increasing from two to three for inside directors, and from three to four for outside directors. The seasoned group of professionals brings decades of leadership and business experience, and are expected to optimize decision-making in addition to providing strong oversight and governance.
Dr. Tae Han Kim, CEO, and John Chongbo Rim, EVP, were elected as inside directors to bring and maintain continued company and industry expertise. Additionally, Eunice Kyonghee Kim, a professor at Ewha Women University Law School, was appointed as an outside director to enhance global compliance and diversity in the board's decision-making process.
As the founding CEO of Samsung Biologics, Dr. Kim has been the driving force behind the company's fast and stable growth by establishing joint ventures, achieving key business development successes, and forging a strategic agreement with Biogen to jump-start the drug development business in biosimilars. "Samsung's quality culture and mindset in the engineering, construction, and maintenance of a contaminant-free environment are core strengths gained from the semiconductor wafer manufacturing business, and gave us a unique competitive advantage in accelerating our entry into the biopharmaceutical industry almost ten years ago," said Dr. Tae Han Kim. "Despite the ever-challenging environment, all of our employees made tremendous efforts and contributed to this important milestone – the organic turnaround and growth in 2020 which signals our commitment to our shareholders as we head into the next decade." With his reappointment, Dr. Kim will continue his leadership as CEO and inside board member to ensure leadership and business stability based on the founding philosophy and strategic vision he has inculcated over the past ten years at Samsung Biologics.
John Rim, newly appointed inside director, is Executive Vice President and head of CMO2 Center in charge of Plant 3 business operations. Mr. Rim has over 35 years of experience in global biopharmaceutical and consulting firms. Prior to joining Samsung Biologics, Mr. Rim served more than ten years at the executive level in global biopharmaceutical companies such as Roche and Genentech and brings a broad spectrum of professional knowledge from manufacturing, development, accounting, to sales. Mr. Rim is expected to contribute to enhancing the company's business competencies.
Eunice Kim, newly added outside director, is a professor at Ewha Women University Law School and a member of the Corporate Governance Committee of Korea Corporate Governance Service (KCGS). Ms. Kim is also a qualified US attorney and has worked as a lawyer in the US. She is currently serving as a compliance and internal control specialist leveraging her experience at Hana Financial Group, Citibank Korea, and KB Financial Group as an executive and outside director. Ms. Kim is the first female board member of Samsung Biologics and brings greater compliance expertise and diversity. Additionally, Ms. Kim's appointment will contribute to strengthening critical elements of the company's internal control system and efficiently supporting regulated entities and professional activities subject to global compliance within the board.
The company also took maximum safety precautions in carrying out the annual meeting in light of the COVID-19 situation. From thoroughly disinfecting the meeting hall and adjacent areas, posting professional medical staff on site, to limiting and distancing attendees whose temperatures were also taken, every step was taken...
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