Song Young-sook, Chairman of Hanmi Pharmaceutical, Retires from Management… Transition to Professional Management System

 

 

 

 

Chairman Song Young-sook of Hanmi Group announced her intention to step down from the front lines of management following the signing of a joint exercise of voting rights agreement and stock purchase agreement with Chairman Shin Dong-guk.

In a statement on the 8th, Chairman Song expressed her expectation for a new leap forward for Hanmi Group through the establishment of a professional management system centered on Chairman Shin.

Chairman Song said, "I deeply appreciate Chairman Shin's magnanimous decision," and added, "I believe that preventing the overseas sale of Hanmi shares and establishing an advanced governance structure through a professional management system is the best choice for the future of Hanmi Group, as well as the will of the late chairman."

Chairman Shin Dong-guk responded to Chairman Song's decision by stating, "I will play a role in protecting both Hanmi Group and the major shareholders' families."

Chairman Song expressed her trust in Chairman Shin by describing him as "like family" and conveyed her gratitude for this decision.

Earlier, Chairman Song and her eldest daughter, Vice Chairman Im Joo-hyun, signed a stock purchase agreement with Chairman Shin for 4,444,187 shares of Hanmi Science and entered into a joint exercise of voting rights agreement.

Through this, Chairman Song, Vice Chairman Im, and Chairman Shin have secured a stake close to a majority of the total voting rights of Hanmi Science, including direct family and friendly shares.

There are still remaining tasks to push forward the establishment of a professional management system.

Currently, the Hanmi Science board of directors consists of four members on Chairman Song's side (Song Young-sook, Shin Yu-cheol, Kim Yong-deok, Kwak Tae-seon) and five members on the siblings' side (Im Jong-yoon, Im Jong-hoon, Kwon Kyu-chan, Bae Bo-kyung, Sa Bong-gwan), making it difficult to secure a majority in decision-making.

The Hanmi Science board of directors can be composed of up to ten members, so Chairman Song and Chairman Shin are expected to focus on securing a majority by appointing new directors at an extraordinary shareholders' meeting in the future.




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Song Young-sook, Chairman of Hanmi Pharmaceutical, Retires from Management… Transition to Professional Management System