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HONG KONG - HUTCHMED (China) Limited (Nasdaq/AIM:HCM; HKEX:13) announced Monday that Chief Financial Officer Johnny Cheng has been appointed Acting Chief Executive Officer, effective immediately, as CEO Dr. Weiguo Su takes a leave of absence due to health reasons.
Cheng, 58, who has served as CFO since 2008 and as an Executive Director since 2011, will maintain his responsibilities as Chief Financial Officer while assuming the additional role.
"This has been a very difficult decision to make, but at this time my focus must be on my health," Dr. Su said in a statement included in the company’s press release. He expressed confidence that the company would continue executing its strategy during his absence.
HUTCHMED Chairman Dr. Dan Eldar stated that the board has "full confidence in Mr. Cheng’s capabilities to lead the Company" and believes that "all research, development and commercial initiatives will remain on track."
Prior to joining HUTCHMED, Cheng served as vice president of finance for Bristol Myers Squibb in China and held director positions at Sino-American Shanghai Squibb Pharmaceuticals Ltd. and Bristol-Myers Squibb (China) Investment Co. Ltd. His earlier career included roles at Price Waterhouse (now PricewaterhouseCoopers), KPMG, and Nestlé China.
Cheng holds a Bachelor of Economics with an Accounting Major from the University of Adelaide and is an associate of Chartered Accountants Australia and New Zealand.
As of the announcement, Cheng owned 2,936,430 shares of HUTCHMED, representing approximately 0.34% of the company’s issued shares.
HUTCHMED is a commercial-stage biopharmaceutical company focused on developing targeted therapies and immunotherapies for cancer and immunological diseases.
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