HanmiScience CEO Lim Jong-hoon Resigns... Song Young-sook Appointed CEO (Update)

Song Young-sook, Chairwoman of Hanmi Pharmaceutical Group and CEO of Hanmi Science (right), and Lim Jong-hoon, former CEO of Hanmi Science (left).

Hanmi Science, the holding company of Hanmi Pharmaceutical Group, has appointed Song Young-sook, chairwoman of Hanmi Pharmaceutical Group, as its new CEO. Im Jong-hoon, the CEO of Hanmi Science who had been involved in a management dispute, will step down from his executive role.

On the morning of the 13th, Hanmi Science announced at a board meeting that CEO Im Jong-hoon had resigned and that Song Young-sook, chairwoman of Hanmi Pharmaceutical Group, had been appointed as the new CEO.

On the 11th, at a Hanmi Science board meeting, Sa Bong-kwan, an outside director known to be aligned with the 'brother faction' including Im Jong-yoon (an inside director of Hanmi Science) and Im Jong-hoon (former CEO of Hanmi Science), and Kwon Kyu-chan, another non-executive director, resigned. With the resignation of these two directors, the board composition, which had been evenly split 5 to 5 between the mother-daughter faction led by Song Young-sook, chairwoman of Hanmi Pharmaceutical, and Im Joo-hyun, vice chairman of Hanmi Pharmaceutical, and the brother faction, shifted to 5 to 3. In terms of shareholding, the mother-daughter faction holds 54.42%, while the brother faction holds 21.86%. Showing superiority in both the board and shareholding structure, the dispute over management control is widely regarded as having ended in victory for the mother-daughter faction.

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