Hanmi Pharmaceutical is moving to overhaul its management structure by appointing an outside chief executive for the first time in its 53-year history.
At its 16th annual shareholders meeting on March 31 at its headquarters in Songpa-gu, Seoul, the company appointed Hwang Sang-yeon, head of the private equity division at HB Investment, as an inside director. Hwang was then named CEO after a board meeting held immediately following the shareholders meeting.
Hwang earned bachelor’s and master’s degrees in chemistry from Seoul National University and previously served as head of the research center at Mirae Asset Securities and as CEO of Chong Kun Dang Holdings.
With the appointment, CEO Park Jae-hyun, who had been selected with the backing of the owner family’s mother and daughter during a management dispute, will step down after three years in the post.
Speaking to reporters after the board meeting, Hwang said he would address concerns by carrying on the late founder Lim Seong-gi’s management philosophy of “respect for people and value creation.” He also pledged to work with employees to lead the company “to the next level” as South Korea’s top drugmaker.
Hanmi Pharmaceutical has long relied on internal promotions dating back to Lim’s tenure, but the decision to bring in an outsider is being viewed as a signal of a more aggressive push for organizational change.
Shareholders also approved all agenda items as proposed, including the appointment of inside director Kim Na-young and outside directors Han Tae-joon and Kim Tae-yoon.
At a separate shareholders meeting held the same day at Hanmi Science, shareholders approved the appointment of Kim Nam-gyu, CEO of La Défense Partners, as a new non-executive director. La Défense is part of a so-called “four-party alliance” with Shin Dong-kook, Song Young-sook, Lim Ju-hyun and La Défense.
Kim, a former lawyer, is described as a strategy and legal expert with experience at Samsung Electronics’ legal office and KCGI. La Défense, which holds a 9.81% stake, is expected to exercise more direct influence over management through the board seat.
The developments appear to have drawn a line under controversy over interference in Hanmi Pharmaceutical’s management. Last month, Park raised concerns that major shareholder Shin Dong-kook, chairman of Hanyang Precision, was improperly intervening in management. The dispute resurfaced after Song, chair of Hanmi Pharmaceutical Group, voiced support for a professional management system. With Park’s reappointment failing and Hwang being named CEO at this shareholders meeting, the conflict has, for now, eased.
Some observers, however, say the leadership change at Hanmi Pharmaceutical and the reshaping of Hanmi Science’s board could open a new phase in competition for control.
At its 16th annual shareholders meeting on March 31 at its headquarters in Songpa-gu, Seoul, the company appointed Hwang Sang-yeon, head of the private equity division at HB Investment, as an inside director. Hwang was then named CEO after a board meeting held immediately following the shareholders meeting.
Hwang earned bachelor’s and master’s degrees in chemistry from Seoul National University and previously served as head of the research center at Mirae Asset Securities and as CEO of Chong Kun Dang Holdings.
With the appointment, CEO Park Jae-hyun, who had been selected with the backing of the owner family’s mother and daughter during a management dispute, will step down after three years in the post.
Speaking to reporters after the board meeting, Hwang said he would address concerns by carrying on the late founder Lim Seong-gi’s management philosophy of “respect for people and value creation.” He also pledged to work with employees to lead the company “to the next level” as South Korea’s top drugmaker.
Hanmi Pharmaceutical has long relied on internal promotions dating back to Lim’s tenure, but the decision to bring in an outsider is being viewed as a signal of a more aggressive push for organizational change.
Shareholders also approved all agenda items as proposed, including the appointment of inside director Kim Na-young and outside directors Han Tae-joon and Kim Tae-yoon.
At a separate shareholders meeting held the same day at Hanmi Science, shareholders approved the appointment of Kim Nam-gyu, CEO of La Défense Partners, as a new non-executive director. La Défense is part of a so-called “four-party alliance” with Shin Dong-kook, Song Young-sook, Lim Ju-hyun and La Défense.
Kim, a former lawyer, is described as a strategy and legal expert with experience at Samsung Electronics’ legal office and KCGI. La Défense, which holds a 9.81% stake, is expected to exercise more direct influence over management through the board seat.
The developments appear to have drawn a line under controversy over interference in Hanmi Pharmaceutical’s management. Last month, Park raised concerns that major shareholder Shin Dong-kook, chairman of Hanyang Precision, was improperly intervening in management. The dispute resurfaced after Song, chair of Hanmi Pharmaceutical Group, voiced support for a professional management system. With Park’s reappointment failing and Hwang being named CEO at this shareholders meeting, the conflict has, for now, eased.
Some observers, however, say the leadership change at Hanmi Pharmaceutical and the reshaping of Hanmi Science’s board could open a new phase in competition for control.
* This article has been translated by AI.
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