Jang Jong-yoon, Eldest Son of Hanmi Pharm Founder, Steps Down as Holding Company CEO

Lim Jong-yoon, CEO of Hanmi Science.

[Asia Economy Reporter Lee Gwan-joo] Lim Jong-yoon, CEO of Hanmi Science and eldest son of the late Lim Sung-gi, founder of Hanmi Pharmaceutical Group, is stepping down from his position after 12 years.

According to the electronic disclosure system on the 14th, the agenda for reappointing CEO Lim as an inside director was not submitted at the regular shareholders' meeting of Hanmi Science, the holding company of Hanmi Pharmaceutical Group, scheduled for the 24th of this month. If CEO Lim, whose term ends on the 15th, is not reappointed as an inside director at this shareholders' meeting, he will leave the board and naturally step down from the CEO position.

CEO Lim is the eldest son among the late Chairman Lim’s two sons and one daughter. He majored in biochemistry at Boston University in the United States and was appointed co-president (chairman of the board) of Beijing Hanmi Pharmaceutical Co., Ltd. in 2005. In 2009, he was appointed director of Hanmi Pharmaceutical. Following the transition to a holding company system in 2010, he served as CEO of Hanmi Holdings, and after Hanmi Holdings was renamed Hanmi Science in 2012, he continued to serve as CEO.

After the late Chairman Lim passed away in August 2020, CEO Lim has led the company alongside his mother, Song Young-sook, Chairwoman of Hanmi Pharmaceutical Group, under a dual CEO system since September 2020. Accordingly, after CEO Lim’s term ends, Chairwoman Song is expected to serve as the sole CEO of Hanmi Science. Chairwoman Song holds 11.65% of Hanmi Science’s shares, while CEO Lim holds 7.88%. Lim’s younger brothers, Lim Joo-hyun and Lim Jong-hoon, presidents of Hanmi Pharmaceutical, hold 8.82% and 8.41%, respectively.

Until the end of the third quarter last year, CEO Lim held the highest share ratio among the three siblings in Hanmi Science, but now holds the lowest. At the end of last month, he sold 450,000 shares through off-hours trading, causing his share ratio to fall below 8%.

Although CEO Lim will step down from management at Hanmi Science, he will maintain his registered director status as president of Hanmi Pharmaceutical. His term as president of Hanmi Pharmaceutical runs until the end of March 2024, and Hanmi Pharmaceutical is currently led by professional management under co-CEOs Woo Jong-soo and Kwon Se-chang.

Regarding CEO Lim’s future plans, a Hanmi Pharmaceutical Group official stated, "Based on localization of Hanmi in Europe and its business in China, he will focus on building a social enterprise model and overseas R&D such as vaccines through open innovation to contribute to resolving global inequalities, dedicating himself to creating future growth engines for Hanmi Pharmaceutical Group."

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