Chairman Lim Seong-gi, Founder of Hanmi Pharmaceutical, Passes Away on the 2nd
Owner's Stake at 66.43%
Three Siblings Each Hold Mid-3% Shares
No Possibility of Management Dispute
[Asia Economy Reporter Choi Dae-yeol] With the passing of Lim Seong-gi, Chairman of Hanmi Pharm Group, on the 2nd, attention is turning to the company's succession structure. The late chairman's eldest son, Lim Jong-yoon, CEO of Hanmi Science, who joined the company in 2000 and has been leading overseas affiliates and new business development, has long been in charge of management, while his two younger siblings also hold key positions within the company.
According to industry sources on the 3rd, as of the end of the first quarter this year, the largest shareholder of the holding company Hanmi Science is Lim himself, with a stake of about 34.27%. Including special relations such as relatives and other affiliates, the total reaches 66.43%. Lim's eldest son, CEO Lim Jong-yoon, eldest daughter Lim Joo-hyun, Vice President of Hanmi Pharm, and second son Lim Jong-hoon, Vice President, each hold mid-3% stakes, with the remainder evenly held by Lim's wife and others.
Since establishing the holding company system in 2010, Lim served as co-CEO alongside his eldest son until stepping down as a non-registered executive in 2016. The eldest son, Lim Jong-yoon, who was early designated as the successor, has since served as sole CEO and continues to do so. Hanmi Science positions itself as an operating holding company focused on discovering future growth engines such as new businesses rather than controlling affiliates. Alongside his role as CEO of Hanmi Science, Lim also serves as a registered executive and President of Business Development (BD) at Hanmi Pharm, the group's founding company. As Lim Seong-gi emphasized new drug development while leading Hanmi Pharm for nearly 50 years since its founding, Lim Jong-yoon, as the owner, contemplates the company's future and focuses on new business initiatives.
Through Hanmi Science's affiliate, Core Group, Lim has shown interest in personalized treatment for patients, emphasizing a business model that encompasses healthcare beyond just pharmaceuticals. In a past interview with this publication, Lim stated, "While Hanmi Pharm focuses on pharmaceuticals, Hanmi Science aims to expand and evolve this direction."
Lim majored in biochemistry at Boston University and worked as a virus researcher at MIT, building a solid foundation as a pharmaceutical and bio-industry executive. His unique background also includes studying music after his undergraduate studies. Having taken on various roles within the group, he is recognized for his management capabilities. Lim Seong-gi, his father, showed interest in the Chinese market even before the establishment of diplomatic relations between Korea and China, dedicating efforts to the local market by founding Beijing Hanmi Pharm in 1996. Lim Jong-yoon led management at Beijing Hanmi from 2004, helping the company grow to become the number one player in the pediatric drug market locally. When Lim first joined Beijing Hanmi, he began developing a respiratory treatment drug that has recently started being developed locally as a treatment for COVID-19, demonstrating foresight while not ignoring surrounding advice.
He is also active in external activities, serving as chairman of the Korea Bio Association, which was founded by the late Hyundai Group Honorary Chairman Chung Ju-yung. Additionally, Lee Kwan-soon, Vice Chairman and former CEO of Hanmi Pharm, took on the role of chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association earlier this year, showing no hesitation in playing a central role in the pharmaceutical and bio-industry sectors.
Lim's siblings, Lim Joo-hyun and Lim Jong-hoon, Vice Presidents of Hanmi Pharm, are responsible for global strategy and human resources, and management planning, respectively. Although Lim Seong-gi holds a relatively large share, shares are evenly distributed among Lim Jong-yoon, his siblings, and relatives. The industry expects that they will continue to lead the company by managing their respective areas for the time being.
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