On the 14th, Song Young-sook, the chairman of the Hanmi Pharmaceutical Group, is entering the building of the Hanmi Pharmaceutical Group headquarters in Songpa-gu, Seoul, ahead of the Hanmi Science board meeting. It is anticipated that at this meeting, there will be discussions about changing the co-CEO system of Song Young-sook and Im Jong-hoon of Hanmi Science to Im Jong-hoon as the sole CEO. © Yonhap News.
Regarding the recent discord within the Hanmi Group, after the reconciliation mood was being fostered following the regular shareholders’ meeting of the holding company Hanmi Science in March that implemented a co-CEO system, Song Young-sook and her daughter, Im Joo-hyun, and brothers Im Jong-yun and Im Jong-hoon seem to have brought their uncomfortable cohabitation to an end after just over a month.
According to industry sources on the 14th, the interim board meeting held in the morning at Hanmi Science approved the dismissal proposal for co-CEO Song Young-sook, the chairman of the Hanmi Group.
Attending this board meeting were the parties involved, Chairman Song, CEO Im Jong-hoon of Hanmi Science, as well as internal director Im Jong-yun. As a result of this board meeting, CEO Im Jong-hoon has taken sole management control of Hanmi Science.
The motion for the dismissal of Chairman Song was proposed by CEO Im Jong-hoon. A source close to the brothers mentioned, “There were differences of opinion between Chairman Song and the brothers, including on major personnel matters.”
Tensions regarding personnel decisions have been observed since last month. Hanmi Science had issued personnel appointments for Vice Chairman Im Joo-hyun, CEO Im Jong-hoon, and Managing Director Shin Sung-jae on the 15th of last month, but revoked the notice after just 10 days.
The reason being cited is the absence of prior approval and post-approval by the CEO of Hanmi Pharmaceutical. Industry insiders speculate that in a situation where the personnel structure at Hanmi Pharmaceutical has not yet been clearly defined, and with conflicting opinions between Chairman Song and CEO Im Jong-hoon of the holding company Hanmi Science, the decision was reversed.
With the chairman’s dismissal confirmed, the industry is also closely watching whether Chairman Song will retain her position as group chairman.