April 26, 2024

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[THE INVESTOR] Daewoong Pharmaceutical Chairman Yoon Jae-seung said on Aug. 27 he will step down from all positions in the company following news reports of his abusive behavior against employees.

In the early morning, local news outlet YTN reported that the chairman has been consistently swearing and using inappropriate language toward employees during business meetings. In an audio file released by the news outlet, Yoon is heard telling an employee: “It’s like I’m working with an insane man.” 

Daewoong Pharmaceutical Chairman Yoon Jae-seung

In a statement, Yoon said he will immediately resign from company posts as the chairman of Daewoong Pharmaceutical’s board as well as the CEO of the firm’s holding company Daewoong.

“I take full responsibility. With my indiscreet language, I have been hurting the people who are directly involved (in the cases) as well as others who attended meetings. I sincerely apologize,” he said.

The firm said co-CEOs Jeon Seung-ho and Yoon Jae-chun will fill the leadership void. 

The chairman, a former prosecutor and son of group founder Yoon Young-hwan, joined the Seoul-based pharmaceutical firm in 1995.

According to sources, Yoon has been notorious for his ill-mannered behavior that has been driving a large number of people to quit their jobs. “Many employees have changed their jobs because of him,” a source said.

Yoon’s apology comes as the company is seeking to expand its overseas business. Daewoong Pharmaceutical expects its self-developed botulinum toxin Nabota to be commercially launched in the US and Europe before June next year. On Aug. 20, it received marketing approval for the Botox-like injectables from Canadian health authorities.

The stock closed 2.26 percent lower at 194,500 won (US$174.6).

By Park Han-na (hnpark@heraldcorp.com)