Oscotec staff oppose Genosco CEO joining the board

Oscotec employees oppose Genosco CEO Ko Jong-seong joining the board ahead of a shareholder meeting on November 30.

Forty-nine employees, 74% of the workforce, signed a joint statement, and more than 90% of research staff took part.

Shareholders have proposed Ko as a director, and he has said he would help shape Oscotec’s research strategy and decide which drug candidates to prioritize.

Employees say stable research leadership is needed to keep drug development, clinical trials and partnerships on track.

They voiced support for CEO Yoon Tae-young, who has led the company’s research and development since joining in 2020.

The dispute centers on the board’s composition and research direction, as the shareholder proposal also seeks to appoint two other directors and an auditor and remove a supermajority voting rule.

Shareholders are due to consider the proposals on November 30 at an extraordinary meeting.