Medical device company CU Medical (CEO Kim Hyung-soo) has appointed Lee Sun-Joung, CEO of Daegwang Networks, as the chairman of the board of directors. Daegwang Networks is a strategic investor (SI) of CU Medical.
CU Medical announced on the 20th that it has appointed Lee Sun-Joung, who is also an inside director of the company, as the chairman of the board of directors. Chairman Lee was newly appointed as an inside director at the last regular shareholders' meeting.
Until recently, Chairman Lee has been working hard to build a cooperative relationship with its affiliate Xcure through the efficiency of CU Medical's resource management and internal and external risk management. He is evaluated to have played a major role in resolving the risk of Xcure's delisting, which was acquired through CU Healthcare
in 2020. As a result, CU Medical successfully turned a profit last year, recording sales of KRW 35.4 billion. Sales grew 25% year-on-year, and 70% of total sales were generated through overseas exports.
This year, it also recorded consolidated sales of KRW 10.35 billion in the first quarter, growing by more than 30% year-on-year. During the same period, operating profit was KRW 2.59 billion and net profit was KRW 3.11 billion, increasing by more than 210% and 360% year-on-year, respectively.
The company judged that Director Lee Seon-Joung’s role is essential in preparing for the future of both companies, as CU Medical and Xcure are expanding overseas exports as well as synergy through new products this year.
Recently, there have been increasing cases of considering whether the CEO and the Chairman of the Board are separated as one of the major criteria for evaluating corporate management. In other words, if the CEO also serves as the Chairman of the Board, it is considered that the independence of the Board of Directors may be undermined. One of the main roles of the Board of Directors is to check and balance the management.
A company official explained, “If you look at the OECD’s corporate governance principles, the separation of the roles of the chairman of the board and the CEO is stipulated as a best practice,” and “We decided on Director Lee Sun-Joung as the chairman of the board to ensure the growth and vision expansion of not only CU Medical but also Xcure.”
Established in December 2001, CU Medical is a medical device company that has a unique position in the automated external defibrillator (AED) field and supplies products to hospitals, fire stations, public institutions, and corporations. It operates local corporations in Korea, Japan, and Germany, and has recently been developing remote management and group management systems using IoT, and home AED systems to continue to respond to the future market.
©'5-language global economic newspaper' Aju Economy. Unauthorized reproduction and redistribution prohibited.
Medical device company CU Medical (CEO Kim Hyung-soo) has appointed Lee Sun-Joung, CEO of Daegwang Networks, as the chairman of the board of directors. Daegwang Networks is a strategic investor (SI) of CU Medical.
CU Medical announced on the 20th that it has appointed Lee Sun-Joung, who is also an inside director of the company, as the chairman of the board of directors. Chairman Lee was newly appointed as an inside director at the last regular shareholders' meeting.
Until recently, Chairman Lee has been working hard to build a cooperative relationship with its affiliate Xcure through the efficiency of CU Medical's resource management and internal and external risk management. He is evaluated to have played a major role in resolving the risk of Xcure's delisting, which was acquired through CU Healthcare
in 2020. As a result, CU Medical successfully turned a profit last year, recording sales of KRW 35.4 billion. Sales grew 25% year-on-year, and 70% of total sales were generated through overseas exports.
This year, it also recorded consolidated sales of KRW 10.35 billion in the first quarter, growing by more than 30% year-on-year. During the same period, operating profit was KRW 2.59 billion and net profit was KRW 3.11 billion, increasing by more than 210% and 360% year-on-year, respectively.
The company judged that Director Lee Seon-Joung’s role is essential in preparing for the future of both companies, as CU Medical and Xcure are expanding overseas exports as well as synergy through new products this year.
Recently, there have been increasing cases of considering whether the CEO and the Chairman of the Board are separated as one of the major criteria for evaluating corporate management. In other words, if the CEO also serves as the Chairman of the Board, it is considered that the independence of the Board of Directors may be undermined. One of the main roles of the Board of Directors is to check and balance the management.
A company official explained, “If you look at the OECD’s corporate governance principles, the separation of the roles of the chairman of the board and the CEO is stipulated as a best practice,” and “We decided on Director Lee Sun-Joung as the chairman of the board to ensure the growth and vision expansion of not only CU Medical but also Xcure.”
Established in December 2001, CU Medical is a medical device company that has a unique position in the automated external defibrillator (AED) field and supplies products to hospitals, fire stations, public institutions, and corporations. It operates local corporations in Korea, Japan, and Germany, and has recently been developing remote management and group management systems using IoT, and home AED systems to continue to respond to the future market.
©'5-language global economic newspaper' Aju Economy. Unauthorized reproduction and redistribution prohibited.