Hanmi Pharm Management Dispute Reoccurs... CEO Demoted from President to Executive Director

Establishment of Separate HR and Legal Teams Independent from Group Holding Company Following Declaration of Reader Management

The management dispute between mother-daughter and brother factions at Hanmi Pharm has flared up again. After the mother-daughter side, which holds management rights at Hanmi Pharm, established an organization to independently handle HR and legal affairs, the brother side, controlling the board of directors through the holding company Hanmi Science, demoted Hanmi Pharm CEO Park Jae-hyun from president to executive director.

According to the pharmaceutical industry on the 29th, Hanmi Pharm established an HR team and a legal team under the Management Support Division in the afternoon of the previous day under the name of CEO Park Jae-hyun and appointed executives in charge. CEO Park also included the Management Support Division in his own supervisory duties. Until now, HR and legal affairs at Hanmi Pharm had been handled by the holding company Hanmi Science. This new organizational establishment is interpreted as a move to independently manage HR tasks and others.

Then, an hour later, Lim Jong-hoon, CEO of the holding company Hanmi Science, demoted Park Jae-hyun from president to executive director and limited his supervisory duties from overall management to the manufacturing division. Hanmi Science reportedly viewed Park’s actions as insubordination aimed at shaking the holding company system and took this as grounds for dismissal.

Regarding this, a Hanmi Pharm official stated on the same day, "A professional management system is the direction Hanmi should move toward," and added, "Hanmi Pharm plans to continue independent management centered on professional managers without wavering." They further said, "We hope that the achievements of Hanmi Pharm’s newly initiated independent management centered on professional managers will have a positive impact on establishing an advanced management structure throughout the entire group, including the holding company."

At the Hanmi Pharm Group’s shareholders meeting in March, CEO Lim and his brother Lim Jong-yoon, an inside director of Hanmi Science, won the vote against their mother Chairman Song Young-sook and sister Vice Chairwoman Lim Joo-hyun, securing management rights. However, in early last month, Shin Dong-guk, the largest individual shareholder who had supported the Lim brothers at the March shareholders meeting and is chairman of Hanyang Precision, formed a 'three-party alliance' with Chairman Song and her daughter, agreeing to jointly exercise voting rights along with the transfer of shares from Chairman Song. This three-party alliance, including friendly shares, currently holds a majority stake in Hanmi Pharm Group.

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