[CEONEWS=Journalist Jo Seong-il] Yuhan Corporation is remembered as an exceptional company. While its business achievements over the years are remarkable, it is the tangible and intangible legacy left by its founder, the late Dr. llhan New, that resonates deeply. Believing that only a healthy nation could reclaim its sovereignty, Dr. New founded Yuhan Corporation while actively participating in the independence movement. He managed the company with integrity and trust, reinvested corporate profits into society, and notably practiced the separation of ownership and management—a truly inspiring point of his leadership.
As the company approaches its centennial in 2026, one might wonder who leads this esteemed corporation today. Being a CEO is never an easy task, but Yuhan Corporation’s CEO undoubtedly bears an extraordinary sense of duty. Let us delve into the leadership of CEO Cho Wook-je.
llhan New: A Symbol of Noblesse Oblige
Yuhan Corporation is renowned for setting examples that inspire other companies. In 1962, it became the first company in South Korea to publicly list its shares, demonstrating its commitment to transparent management. Despite opposition from executives and employees who suggested reevaluating the company’s assets to increase stock value, Dr. New remained steadfast in his decision.
Dr. New also prioritized nurturing talent and heavily invested in educational initiatives. He founded institutions like Yuhan Technical High School and Yuhan College, providing free tuition and boarding to all students. His dedication to education is further evidenced by his fondness for using business cards bearing the title “Educator.”
Another noteworthy strength of Yuhan Corporation is its commitment to tax compliance. Once, the National Tax Service conducted an intensive audit due to the company’s unusually high voluntary tax payments, suspecting potential discrepancies. However, the investigation revealed no irregularities—not even a single penny of fraudulent spending.
Dr. New’s will continues to inspire society. He left a legacy that included a $10,000 education fund for his granddaughter, a 5,000-pyeong plot of land near Yuhan Technical High School for his daughter, and instructions for his son to become self-reliant, having already provided for his education. Additionally, he donated all his shares to the Korean Social and Educational Aid Trust Fund. Dr. New’s life and management philosophy are emblematic of noblesse oblige and command profound respect.
CEO Leading the Charge for "ESG Values"
Given Yuhan Corporation’s legacy, the expectations for its CEO are understandably high. Currently, CEO Cho Wook-je is at the helm. Appointed in 2021, Cho was reappointed this year, continuing his leadership of the company. A graduate of Korea University with a degree in agricultural chemistry, Cho has dedicated over 30 years to Yuhan Corporation, earning a reputation as a meticulous leader with gentle charisma.
CEO Cho holds the management philosophy of Dr. New close to his heart, viewing it as invaluable guidance. Last year, Yuhan Corporation launched the “Yuhan ESG Management Declaration,” aligning with Dr. New’s principle of reinvesting corporate profits into society. In an era when the climate crisis has become a global issue, Cho has emphasized the importance of environmental management, climate action, ethical governance, and fostering shared growth to realize "ESG values."
This year, Cho’s vision for Yuhan Corporation is encapsulated in the theme “Great & Global.” This vision aims to create a “great company” that shares and contributes to society while becoming a “global company” advancing human health and happiness. Under this guiding principle, the company strives to achieve its ambitious goal of joining the world’s top 50 pharmaceutical companies by its 100th anniversary in 2026.
Accelerating Development of the Next "LECLAZA"
Cho’s leadership has also been pivotal in advancing Yuhan’s flagship product, “Leclaza,” a lung cancer treatment that became the first Korean anti-cancer drug approved by the U.S. Food and Drug Administration (FDA) on August 20, 2023. Cho describes this achievement as “a meaningful outcome of Yuhan Corporation’s R&D investments through open innovation.” Open innovation refers to collaborating with universities, companies, and research institutes for technology development, commercialization, and innovation.
The development of Leclaza began in 2015 when former CEO Lee Jung-hee (now chairman of the board) attended the JPM Conference in the United States. During a break, he overheard discussions about the high commercialization potential of a preclinical anti-cancer drug, lazertinib. While many heard the same information, Yuhan Corporation took the bold step of pursuing the opportunity. This effort culminated in Leclaza receiving approval from South Korea’s Ministry of Food and Drug Safety in 2021 and from the FDA this year.
Leclaza’s success is more than a milestone in drug development—it symbolizes the company’s ability to generate global revenue through innovation. Yuhan recently received a $60 million milestone payment from Janssen, further validating its technological and commercial capabilities.
Creating a Company Employees Don’t Want to Leave
CEO Cho often says, “Yuhan Corporation is an extraordinary company. The world needs more companies like this.” While this may sound like corporate pride, it is a sentiment widely shared by those familiar with Yuhan Corporation.
However, Cho acknowledges one challenge: Yuhan’s strong retention rate has resulted in a hierarchical culture based on seniority. To address this, he emphasizes the importance of an “open mind” and believes that open communication is key to overcoming these structural limitations. Cho has implemented initiatives such as establishing advisory groups for employee training and fostering a horizontal culture where everyone can share ideas openly. He also aims to attract proactive talents to enhance organizational flexibility.
Leading a company that produces high-quality pharmaceuticals and contributes to public health and global well-being, CEO Cho’s dream is both simple and profound: to create “a company where employees want to arrive early and never want to leave.” Whether he can realize this vision remains to be seen, but his commitment to Yuhan Corporation’s legacy and values offers much promise.
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