Song Young-sook "Step down from frontline management... Shift to professional management system centered on Shin Dong-guk"

Song Young-sook Hanmi Pharm Group Chair
Statement Explaining Background of Daughter and Shin Dong-guk's 'Three-Party Alliance'
"Best Way to Preserve Hanmi Identity"

Song Young-sook, Chairwoman of Hanmi Pharmaceutical Group, recently expressed her position on the 'three-party alliance' formed between her daughter, Lim Joo-hyun, Vice Chairwoman of Hanmi Pharmaceutical Group, and Shin Dong-guk, Chairman of Hanyang Precision, stating that it was "the best way to preserve Hanmi's identity" and that she would "step down from the front lines of management and establish a professional management system centered on Chairman Shin."

Song Young-sook, Chairwoman of Hanmi Pharmaceutical Group [Photo by Hanmi Pharmaceutical Group]

On the 8th, Chairwoman Song explained the recent situation through a statement. The three?Chairwoman Song, Vice Chairwoman Lim, and Chairman Shin?on the 3rd, abruptly agreed to jointly exercise voting rights over the shares held in Hanmi Science, the holding company of Hanmi Pharmaceutical Group, and signed a contract in which Chairman Shin purchased some of the shares held by Chairwoman Song and Vice Chairwoman Lim. By forming this kind of three-party alliance, they secured 48.19% of Hanmi Science shares as friendly shares, significantly increasing the possibility of regaining management control at once.

Regarding this, Chairwoman Song said, "It is a decision for the major shareholders who best understand the late Chairman Lim Sung-ki's intentions to unite their strength," emphasizing, "My firm belief and the way to uphold the late Chairman's will is that Hanmi's shares must not be sold to overseas funds, thereby losing Hanmi's identity. This decision is the best solution found by Chairman Shin and me." Chairwoman Song has supported group management as the spouse of the late founder Chairman Lim Sung-ki, while Chairman Shin, a junior from Lim's hometown and high school, has built a close friendship and also helped manage the group through direct share purchases.

Chairwoman Song expressed gratitude toward Chairman Shin, saying, "He said he would play a role in protecting both Hanmi and the major shareholder family." She added, "He is like family," and conveyed thanks for his decision to support her sons (Lim Jong-yoon and Jong-hoon) three months ago, as well as for now extending a hand to her and her daughter (Vice Chairwoman Lim).

Regarding future directions, Chairwoman Song repeatedly emphasized that a professional management system would be established. She said, "I now intend to step down from the front lines of management," and added, "I hope Hanmi will be reborn as a new Hanmi Group by establishing a professional management system centered on Chairman Shin." She also stressed that this restructuring aligns with the group's management philosophy, noting, "The late Chairman repeatedly said that the next generation of Hanmi's management should be entrusted to professional managers, with major shareholders supporting through the board of directors, moving toward an advanced governance structure."

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