Ourhome, Temporary General Meeting 'D-2'
Board of Directors Replacement Agenda Scheduled
Conflict Over Management Rights Likely to Be Resolved
[Asia Economy Reporter Song Seung-yoon] As the temporary shareholders' meeting of Ourhome, convened by former Vice Chairman Gu Bon-seong, approaches in two days, attention is also focused on what conclusion the dispute over the management rights of Ourhome will reach.
According to the industry on the 28th, Ourhome plans to hold a temporary shareholders' meeting on the 30th to handle agenda items such as replacing the current board of directors. This follows the court's acceptance of the temporary shareholders' meeting convening request filed by former Vice Chairman Gu. Previously, Gu's side demanded the dismissal of 21 directors appointed by the three sisters Gumi-hyun, Gu Myung-jin, and Gu Ji-eun, and proposed to appoint 48 new directors, thus requesting the holding of a temporary shareholders' meeting. However, when Ourhome did not accept this, they requested permission for the temporary shareholders' meeting from the Seoul Southern District Court.
Former Vice Chairman Gu was dismissed last June after losing the management rights dispute. At that time, among the three sisters who pushed out Gu, current Vice Chairman Gu Ji-eun was appointed as the sole CEO. Gu holds 38.6% of Ourhome's shares. The remaining 59.6% is the combined shares of the three sisters Gumi-hyun, Myung-jin, and Ji-eun. Afterward, in February, Gu announced he would sell all his shares and step away from management but suddenly started a joint share sale with his eldest daughter Mihyun, which reignited the management rights dispute.
Regarding the convening of this temporary shareholders' meeting, the industry speculates that former Vice Chairman Gu might be attempting an indirect de facto return to management. Gu explained that the request for the temporary shareholders' meeting was intended to form a neutral management team for the share sale, but Ourhome criticized it as a "groundless attempt to return to management."
If former Vice Chairman Gu appoints a majority of directors favorable to him through this temporary shareholders' meeting, the previously announced share sale is also likely to proceed as planned. Gu plans to sell the management rights along with 58.62% of Ourhome shares, combining his own and Mihyun's shares. However, since this requires the approval of more than two-thirds of the board, Gu must secure as many favorable directors as possible at this temporary shareholders' meeting.
Mihyun is expected to play a decisive role here. The passage of the agenda is likely to depend on which side Mihyun takes during the agenda battle. If Mihyun does not intervene, the agenda's passage will be practically difficult, and the current Gu Ji-eun vice chairman system is expected to be maintained.
Some analyze that since the late Gu Jahak, Ourhome's chairman, passed away last month, this could be an opportunity for former Vice Chairman Gu and the three sisters to unite their intentions for management stability and achieve a dramatic reconciliation.
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