Hanssem, Song Injun IMM CEO Appointed to Board... Largest Shareholder Change Completed

"50 Years of Hanssem's History and Preparing Together for the Next 50 Years"

Hanssem Sangam Building.
Photo by Hanssem

[Asia Economy Reporter Kim Jong-hwa] Hanssem, the No. 1 company in the furniture industry, announced on the 13th that the change of the largest shareholder was virtually completed by appointing four others, including Song In-jun, CEO of private equity firm IMM PE, as non-executive directors, and appointing three members to the audit committee at the extraordinary general meeting of shareholders.

At the extraordinary general meeting held at 11 a.m. on the same day in the large auditorium on the 2nd floor of the Sangam building, Hanssem approved the agenda items including director appointments, audit committee member appointments, and amendments to the articles of incorporation as originally proposed.

Cho Chang-geol, the founder and largest shareholder of Hanssem, signed a stock purchase agreement in October to sell his shares and those of seven related parties to IMM PE, proceeding with the change of the largest shareholder. The shares sold amount to 6.52 million common shares, representing 27.7% of the total shares, with a purchase price of 1.4513 trillion KRW. Cho’s stake is 15.4%, and the seven related parties hold 12.3%.

Lotte Shopping participated as a strategic investor in the acquisition of Hanssem, investing 299.5 billion KRW. At the shareholders’ meeting, Hanssem also approved amendments to the articles of incorporation, including the introduction of an executive officer system and the establishment of quarterly dividend provisions, along with the appointments of directors and audit committee members.

Song In-jun, CEO of IMM PE, who was appointed as a non-executive director at this extraordinary general meeting, stated in a message to Hanssem employees that "We will establish rational decision-making based on active communication and fair performance evaluation as the company’s most fundamental management principles."

Regarding the detailed goals that IMM PE will challenge together with Hanssem, CEO Song presented "to further solidify the overwhelming No. 1 position in the home remodeling business represented by Rehouse and Kitchenbach," as well as "strengthening the branding of various home furnishing sub-brands and expanding new businesses related to the advancement of the online business."

He added, "For a company to grow meaningfully and continuously, it is important to establish a culture that values teamwork among employees and a system that can motivate them," emphasizing, "We will significantly improve the performance-based compensation system and strengthen the One Team spirit for a flexible and unified organization."

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