IEL Science Transitions to Sole CEO System with Song Seong-geun to Strengthen Responsible Management

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IL Science is transitioning from a co-CEO system with Song Seong-geun, Oh Seong-ho, and Shin Geum-seong to a sole CEO system led by founder Song Seong-geun.

IL Science announced on the 12th that it has changed to a sole CEO system to strengthen the responsible management of CEO Song Seong-geun. The internal director positions of former co-CEOs Oh Seong-ho and Shin Geum-seong will be maintained.

CEO Song Seong-geun of IL Science has purchased a total of 1.17 million shares through multiple acquisitions to reinforce responsible management and shareholder-friendly policies since the company's KOSDAQ IPO in December 2019: 930,000 shares through convertible bond exercise in February 2020, 20,000 shares on the market in March 2020, 200,000 shares off-hours in July 2020, and 22,000 shares on the market in January 2021. In 2024, he also acquired and canceled 2 billion KRW worth of 4th series convertible bonds, demonstrating his commitment to responsible management and shareholder-friendly policies. This year, based on confidence in corporate growth, he continues to purchase shares, and in 2022, he decided to grant 340,000 shares worth 2.1 billion KRW, equivalent to 5.6% of individual stocks, as a free gift to all employees.

An IL Science representative stated, “Considering the need for responsible management to swiftly and effectively establish, decide, and execute growth strategies amid uncertain business environments, we decided to transition to a sole CEO system. We will secure the capability to stably produce and deliver the increasing order volumes from global automakers, accelerate profit-generating capabilities and the acquisition of new global growth engines, and take a step forward.”

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