TIDMHCM
RNS Number : 5550D
Hutchmed (China) Limited
03 March 2022
HUTCHMED announces retirement of CEO
and appointment of new CEO
Hong Kong, Shanghai & Florham Park, NJ - Thursday, March 3,
2022: (" HUTCHMED " or the "Company") (Nasdaq/AIM: HCM; HKEX: 13)
today announces:
(a) the retirement of Mr. Christian Hogg after almost 22 years
with the Company, including 15 years as Executive Director and
Chief Executive Officer ("CEO"); and
(b) the appointment of Dr. Weiguo Su, who has been with the
Company for about 17 years, including about 10 years as Chief
Scientific Officer ("CSO") and almost five years as Executive
Director, as the new CEO.
Dr. Su has been selected and appointed to his additional role as
the CEO, as part of the Company's ongoing succession planning.
Since joining the Company in 2005, Dr. Su has been responsible for
the establishment of all aspects of the oncology/immunology
innovation platform which led to the in-house discovery of 12 novel
oncology drug candidates of the Company, the first three of which
have achieved approval and successful commercial launch. When
assuming the new position, Dr. Su will combine the crucial research
and development function of the Company for which he has been
responsible, with the lead executive role as the CEO.
Prior to HUTCHMED, Dr. Su, aged 64, spent fifteen years in the
U.S. Research and Development organization of Pfizer, Inc. and
before that, seven years completing his PhD and Post-Doctoral
Fellowship in Chemistry at Harvard University under the guidance of
Nobel Laureate, Professor E. J. Corey. Dr. Su received a Bachelor
of Science degree in Chemistry from Fudan University in
Shanghai.
In March 2017, Dr. Su was granted the prestigious award by the
China Pharmaceutical Innovation and Research Development
Association (PhIRDA) as one of the Most Influential Drug R&D
Leaders in China.
While Dr. Su will remain as the CSO for the time being, as part
of the ongoing succession planning of the Company, Dr Su, the
Nomination Committee and the Board will identify appropriate
candidates to take up the leadership of its research and
development function.
Mr. Christian Hogg, retiring CEO of HUTCHMED, said "After over
34 years away, and 27 years in China, I have taken the decision to
return home to Europe to focus on, and be close to, my important
family responsibilities. I am glad to see the Board's new
appointment of Dr. Weiguo Su, one of the industry's most respected
leaders, and a person who I believe, with the support of our board
and deeply experienced senior management team, will take HUTCHMED
to greater heights. I would like to thank all HUTCHMED colleagues
and stakeholders for the support they have given me and I look
forward to their continued success."
Mr. Simon To, Chairman of HUTCHMED said, "Christian was the
first employee of HUTCHMED twenty-two years ago and he has worked
tirelessly to build the Company from its very beginning into the
truly globally facing biopharmaceutical company it is today.
Christian will remain as a strategic advisor to the Company, with
an emphasis on organizational development, relations with our
partners, global commercialization strategy and investor relations
matters."
Mr. To continued, "On behalf of the Board, I would like to
congratulate Dr. Su on his appointment to CEO of HUTCHMED, and wish
him great success in this well-deserved appointment. I would also
like to extend our deepest appreciation to Christian for his
contributions and wish him the best in his retirement."
The change to the position of CEO will take effect on March 4,
2022. Also effective from the same date, Mr. Hogg will cease to be
a member of the Sustainability Committee and the Technical
Committee of the Company.
Mr. Hogg has confirmed that he has no disagreement with the
Board, and that there are no other matters that need to be brought
to the attention of the shareholders of the Company in connection
with his retirement.
Further information about Dr. Su and his appointment
Dr. Su does not have any relationship with any other Directors,
senior management, substantial or controlling shareholders of the
Company. As at the date of this announcement, Dr. Su had a personal
interest in 6,833,580 ordinary shares in the Company ("Shares"),
representing approximately 0.79% of the number of Shares in issue,
within the meaning of Part XV of the Securities and Futures
Ordinance. The term of Dr. Su's service as an Executive Director of
the Company is subject to retirement by rotation and re-election at
the annual general meeting of the Company. The director's fees of
Dr. Su as an Executive Director and a member of the Technical
Committee of the Company under his appointment letter are US$70,000
and US$5,000 per annum respectively. The emoluments specified in
the service agreement appointing Dr. Su as CEO and CSO of the
Company are US$1,959,300 per annum in salary and cash bonus. There
will also be equity compensation of up to US$4,440,700 per annum,
including performance based and non-performance based portions.
Such emoluments are determined by reference to the performance and
profitability of the Company as well as his personal performance,
remuneration benchmark in the industry and the prevailing market
conditions. Such amounts are subject to review from time to time
and proration for an incomplete year of service.
There are no other matters concerning Dr. Su that are required
to be brought to the attention of the shareholders, nor is there
other information that is required to be disclosed pursuant to the
requirements of Rule 13.51(2) of the Rules Governing the Listing of
Securities on the Stock Exchange of Hong Kong Limited and Rule 17
of the AIM Rules for Companies.
About HUTCHMED
HUTCHMED (Nasdaq/AIM:HCM; HKEX:13) is an innovative,
commercial-stage, biopharmaceutical company. It is committed to the
discovery and global development and commercialization of targeted
therapies and immunotherapies for the treatment of cancer and
immunological diseases. It has more than 4,600 personnel across all
its companies, at the center of which is a team of over 1,500 in
oncology/immunology. Since inception it has advanced 12 cancer drug
candidates from in-house discovery into clinical studies around the
world, with its first three oncology drugs now approved and
marketed. For more information, please visit: www.hutch--med.com or
follow us on LinkedIn.
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements reflect HUTCHMED's current expectations regarding future
events. Forward-looking statements involve risks and uncertainties.
Such risks and uncertainties include, among other things, the risk
that current or future appointees to HUTCHMED's board of directors
are not effective in their respective positions, the difficulty in
locating and recruiting suitable candidates for its board of
directors and the management difficulties which may arise from
changes in HUTCHMED's board of directors. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
For further discussion of these and other risks, see HUTCHMED's
filings with the U.S. Securities and Exchange Commission, on AIM
and with The Stock Exchange of Hong Kong Limited. HUTCHMED
undertakes no obligation to update or revise the information
contained in this announcement, whether as a result of new
information, future events or circumstances or otherwise.
Inside Information
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 (as it forms part of
retained EU law as defined in the European Union (Withdrawal) Act
2018).
CONTACTS
Investor Enquiries
Mark Lee, Senior Vice President +852 2121 8200
Annie Cheng, Vice President +1 (973) 567 3786
Media Enquiries
Americas - Brad Miles, +1 (917) 570 7340 (Mobile)
Solebury Trout bmiles@troutgroup.com
Europe - Ben Atwell / Alex Shaw, +44 20 3727 1030 / +44 7771 913 902 (Mobile) / +44 7779 545 055 (Mobile)
FTI Consulting HUTCHMED@fticonsulting.com
Asia - Zhou Yi, +852 97 83 6894 (Mobile)
Brunswick HUTCHMED@brunswickgroup.com
Nominated Advisor
Atholl Tweedie / Freddy Crossley,
Panmure Gordon (UK) Limited +44 (20) 7886 2500
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END
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(END) Dow Jones Newswires
March 03, 2022 07:30 ET (12:30 GMT)
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