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REG - Hutchmed China Ltd - Retirement of CEO and appointment of new CEO

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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 (https://www.hutch-med.com/) " 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 (http://www.hutchmed.com) or
follow us on LinkedIn (https://www.linkedin.com/company/hutchmed/) .

 

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 (mailto:bmiles@troutgroup.com)
 Europe - Ben Atwell / Alex Shaw,   +44 20 3727 1030 / +44 7771 913 902 (Mobile) /

FTI Consulting                    +44 7779 545 055 (Mobile)

HUTCHMED@fticonsulting.com (mailto:HUTCHMED@fticonsulting.com)
 Asia - Zhou Yi,                    +852 9783 6894 (Mobile)

Brunswick
HUTCHMED@brunswickgroup.com (mailto:HUTCHMED@brunswickgroup.com)

 Nominated Advisor
 Atholl Tweedie / Freddy Crossley,  +44 (20) 7886 2500

Panmure Gordon (UK) Limited

 

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