Namyang Dairy Products to Appoint 3 Inside Directors at March 29 General Meeting...Focus on Chairman Hong Won-sik's Resignation Status

[Asia Economy Reporter Dongwoo Lee] Namyang Dairy Products announced on the 13th that it will hold an extraordinary general meeting of shareholders at its headquarters in Gangnam-gu, Seoul, on the 29th.

The agenda is the appointment of three inside directors and one outside director.

The inside director candidates are Namyang Dairy Products’ Senior General Manager Kim Seung-eon, Sejong Plant Manager Jeong Jae-yeon, and Naju Plant Manager Lee Chang-won, and the outside director is Lee Jong-min, a director of the educational foundation Kwangwoon Academy.

Currently, Namyang Dairy Products has four inside directors: Chairman Hong Won-sik, Chairman Hong’s mother Ji Song-juk, Chairman Hong’s eldest son Executive Director Hong Jin-seok, and CEO Lee Kwang-beom.

If three new inside directors are appointed, attention will focus on whether Chairman Hong and his family will all step down.

Chairman Hong took responsibility for the so-called “Bulgari Incident,” in which the COVID-19 suppression effect of Bulgari, a Namyang Dairy product, was exaggerated, and announced his resignation in May. Afterwards, he attempted to sell the company to the private equity firm Hahn & Company, but the deal fell through.

However, Chairman Hong still retains his position, and criticism has been raised that the promise of management reform was empty words as his two sons returned to or were promoted within executive positions.

This content was produced with the assistance of AI translation services.