REG - Hutchmed China Ltd - Retirement of Chairman and new Chairman appointed

HUTCHMED (China)Announcement

17/05/2024 15:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240517:nRSQ9639Oa&default-theme=true

RNS Number : 9639O  Hutchmed (China) Limited  17 May 2024

HUTCHMED announces retirement of Chairman, appointment of new Chairman and change of members of board committees

 

Hong Kong, Shanghai & Florham Park, NJ  - Friday, May 17, 2024: HUTCHMED
(China) Limited ("HUTCHMED (https://www.hutch-med.com/) " or the "Company")
(Nasdaq/AIM:HCM, HKEX:13) today announces:-

 

(a)  the retirement of Mr Simon To from the position as Chairman and
Executive Director, after 23 years with the Company; and

 

(b)  the appointment of Dr Dan Eldar as the new Chairman.

 

Dr Eldar has been a Non-executive Director of the Company since 2016. He has
more than 30 years of experience as a senior executive, leading global
operations in biotechnology, healthcare, telecommunications and water. He is
an executive director of Hutchison Water Israel E.P.C Ltd, an associate of CK
Hutchison group, which focuses on large scale desalination and hydro-electric
projects.

 

Dr Eldar received a Doctor of Philosophy degree in Government from Harvard
University, Master of Arts degree in Government from Harvard University,
Master of Arts degree in Political Science and Public Administration from the
Hebrew University of Jerusalem and a Bachelor of Arts degree in Political
Science from the Hebrew University of Jerusalem.

 

Mr Simon To, retiring Chairman of HUTCHMED, said "After nearly a quarter of a
century with HUTCHMED, I have decided to retire to attend to my personal
affairs and address my health issues, which will enable me to spend more
cherished time with my family. It has been an absolute privilege to lead such
an exceptional team and to be a part of HUTCHMED's journey to becoming a
commercial-stage biopharmaceutical company."

 

"I am confident that Dr Eldar's appointment will further strengthen HUTCHMED's
position as a pioneer in the development of novel therapies for oncology and
autoimmune diseases. We look forward to his leadership and contributions to
the Company's continued success."

 

The appointment of Dr Eldar as Chairman will take effect on May 17, 2024. He
will remain as a Non-executive Director of the Company.  Additionally, from
the same date, Mr To will cease his membership of the Nomination Committee,
Remuneration Committee, and Technical Committee of the Company, with Dr Eldar
being appointed as a member of the Nomination Committee and Technical
Committee in his place and Ms Edith Shih, Non-executive Director, being
appointed as a member of the Remuneration Committee in his place.

 

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 ("HK Listing
Rules"), Mr To 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.

 

The Board would like to express its sincere gratitude to Mr To, who was
instrumental in the founding of HUTCHMED, for his invaluable contributions to
the Company. His strategic vision has led to the establishment of HUTCHMED as
a company committed to the discovery, global development, and
commercialization of targeted therapies and immunotherapies for the treatment
of cancer and immunological diseases for patients around the world.

 

The Board has requested and Mr To has agreed to serve as Strategic Advisor of
the Company and in that capacity to continue to contribute to the Company on
significant matters.

 

 

Further information about Dr Eldar and his appointment

 

Dr Eldar, aged 70, is a director of certain companies controlled by
substantial shareholders (for the purpose of Part XV of the Securities and
Futures Ordinance) of the Company.  Save as disclosed above, Dr Eldar 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 Eldar had a personal interest in 150,660 ordinary shares in
the Company ("Shares"), representing approximately 0.02% of the number of
Shares in issue, within the meaning of Part XV of the Securities and Futures
Ordinance. The term of Dr Eldar's service as a Non-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 Eldar as the
Chairman and a member of the Nomination Committee and Technical Committee of
the Company under his appointment letter are US$70,000, US$5,000 and US$5,000
per annum respectively. 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 Eldar 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
HK Listing Rules 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, global
development and commercialization of targeted therapies and immunotherapies
for the treatment of cancer and immunological diseases. It has approximately
5,000 personnel across all its companies, at the center of which is a team of
about 1,800 in oncology/immunology. Since inception, HUTCHMED has focused on
bringing cancer drug candidates from in-house discovery to patients around the
world, with its first three medicines marketed in China, the first of which is
also marketed in the U.S. For more information, please visit:
www.hutch‑med.com (https://www.hutch-med.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 AІM 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                                                +852 2121 8200 / ir@hutch-med.com

 Media Enquiries
 Ben Atwell / Alex Shaw, FTI Consulting                            +44 20 3727 1030 / +44 7771 913 902 (Mobile) /
                                                                   +44 7779 545 055 (Mobile) / HUTCHMED@fticonsulting.com
                                                                   (mailto:HUTCHMED@fticonsulting.com)
 Zhou Yi, Brunswick                                                +852 9783 6894 (Mobile) / HUTCHMED@brunswickgroup.com
                                                                   (mailto:HUTCHMED@brunswickgroup.com)

 Nominated Advisor
 Atholl Tweedie / Freddy Crossley / Daphne Zhang, Panmure Gordon   +44 20 7886 2500

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAGPUCWAUPCGWM