Ourhome, Proposal to Replace Board Members Rejected at Extraordinary General Meeting... Former Vice Chairman Gubonseong's Return Fails (Update)

The Proposal Requested by Eldest Son Gu Bonseong, Former Vice Chairman, Rejected... Current Gu Jieun Administration Maintained

[Asia Economy Reporter Eunmo Koo] At Ourhome's extraordinary general meeting of shareholders, all proposals for board replacement and new director appointments requested by former Vice Chairman Bonseong Koo were rejected.

According to industry sources on the 30th, the proposals raised by former Vice Chairman Koo were dismissed at the extraordinary general meeting held at Ourhome headquarters in Gangseo-gu, Seoul.

Former Vice Chairman Koo had requested the dismissal of 21 directors appointed by current Vice Chairman Jieun Koo and the three sisters Mihyun Koo and Myungjin Koo, and proposed appointing 48 new directors. He had previously demanded the holding of an extraordinary general meeting. When Ourhome refused, Koo's side petitioned the court for permission to hold the meeting, which was granted, allowing the meeting to take place on this day.

Koo's demand to replace the board is known to aim at appointing a board favorable to himself to facilitate the sale of his shares. To sell shares in Ourhome, approval from at least two-thirds of the board members is required. Additionally, some speculate that Koo might be attempting to return to management through the appointment of new directors.

However, with the rejection of the board replacement proposal at this extraordinary general meeting, Koo's share sale has become difficult, and there is speculation that the sibling dispute over Ourhome's management rights may have come to a temporary end.

Former Vice Chairman Koo was dismissed in June last year after losing the management rights dispute. At that time, among the three sisters who pushed him out, current Vice Chairman Jieun Koo was appointed as the sole CEO. Koo holds 38.6% of Ourhome's shares. The remaining 59.6% is the combined shares of the three sisters Mihyun, Myungjin, and Jieun Koo. In February, Koo announced he would sell all his shares and step away from management. However, he suddenly proceeded with a joint share sale with eldest daughter Mihyun, which reignited the management dispute.

Last month, there were claims that the eldest son and eldest daughter had joined forces when Mihyun was reported to have convened the extraordinary general meeting with former Vice Chairman Koo. However, Mihyun later sent a certified letter to Ourhome stating that she had not applied for permission to convene the shareholders' meeting and had not designated any additional directors to be appointed at the meeting.