Hanmi Pharm Group Lim Jong-yoon & Lim Jong-hoon "Return to Management... Declaration of War"

The eldest son of the late Im Seong-gi, founder of Hanmi Pharm Group, Im Jong-yoon, President of Hanmi Pharm, and the second son, Im Jong-hoon, CEO of Hanmi Precision Chemical, announced their intention to return to management of Hanmi Pharm Group on the 13th.

Through the board of directors, after the change of management rights, President Im Jong-hoon will serve as CEO of the holding company Hanmi Science, and President Im Jong-yoon will serve as CEO of the subsidiary Hanmi Pharm, each taking direct management roles as co-CEOs.

The two major shareholders, brothers Im Jong-yoon and Im Jong-hoon, emphasized, “The purpose of this shareholder proposal is not simply to enter the board of directors, but to clearly express the firm intention to manage Hanmi Pharm Group as co-CEOs of the holding company and subsidiary in accordance with the wishes of the late chairman.”

Accordingly, a comprehensive management reform through the transfer of management rights of Hanmi Pharm Group toward the next 50 years is expected at the regular shareholders' meeting in March.

Currently, the combined shares of the two brothers, Im Jong-yoon and Im Jong-hoon, stand at 28.4%, showing a narrow difference compared to the 31.9% held by Chairman Song Young-sook and related parties. The Gahyeon Cultural Foundation (4.9%) and the Im Seong-gi Foundation (3%) are expected to be unable to exercise voting rights at the shareholders' meeting, which is anticipated to intensify the vote battle.

President Im Jong-yoon pointed out, “Since the passing of the late chairman, the current management has not only failed to present a vision for future business over the past three years but has seriously damaged corporate value and caused stock price declines through irrational and opaque behind-the-scenes management, and even neglected the loss of Hanmi Science’s status as a holding company due to a merger and acquisition decision.”

He added, “In particular, if the holding company status is lost due to the merger and acquisition, Hanmi Science will only be recognized for the corporate value of approximately 40% of Hanmi Pharm’s shares and its current healthcare business, resulting in a stock price level of about 25,000 won, which is 67% of the current price, causing significant direct losses to well-intentioned shareholders.”

There has also been considerable direct and indirect damage caused by the openly conducted behind-the-scenes management since the late chairman’s passing.

Currently, the AI-based customized biomarker development project for diabetic and obese patients, which could be matched with Hanmi Pharm’s obesity and diabetes program in collaboration with the Catholic University of the Sacred Heart’s Gemelli Hospital under the Vatican, has been delayed and neglected. Additionally, the agreement with Oxford University and Pandemic Science to prepare for the future of pandemic science and necessary medical reforms is at risk of being shelved.

Furthermore, during the COVID-19 pandemic, the vaccine consortium proposed by President Im Jong-yoon and led by Hanmi Science and domestic bio companies to localize vaccines suffered significant damage as the then management and Hanmi Pharm cut off human and material support and allowed organizational distortion and neglect.

Presidents Im Jong-yoon and Im Jong-hoon stated, “The newly formed board of directors will firmly establish Hanmi Science’s status as a holding company and use all available strategies to restore the current stock price to the pre-pandemic 2018 level or higher, faithfully protecting the rights and interests of all shareholders and enhancing the fairness and transparency of board operations.”

They also emphasized, “By completing a super-gap governance structure, we will prevent the legacy of the late chairman?Hanmi’s tradition and innovation in new drug development?from being damaged by unscrupulous external forces and will continue steadfastly toward Hanmi’s 100-year future.”

Meanwhile, Im Jong-yoon, Future Strategy President of Hanmi Pharm, has overseen all of Hanmi Pharm Group’s business in China since 2004. Since 2010, he has served as President of Hanmi Pharm BD (Business Development) and CEO of the holding company Hanmi Science for 12 years, earning recognition from the late chairman Im Seong-gi for his expertise in the pharmaceutical industry and holding company management achievements. Im Jong-hoon, CEO of Hanmi Precision Chemical, has also been recognized for his management performance across Hanmi Pharm Group’s healthcare business, having served as Executive Director and President (CIO) of Hanmi Pharm’s Management Information from 2007, and CEO of Hanmi IT, Hanmi Medicare, and Hanmi Healthcare.

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