Hanmi Pharm's 'Dispatch' Woo Gi-seok Resigns as Bukwang Pharm CEO... Will He Return to Hanmi for a Key Role?

30 Years of Experience as a Traditional Sales Expert
Selected as a Closer for Bukwang During Integration
However, Resigned Despite Strong Trust from OCI
Expected to Return to Onlinefarm... Possible Key Role After Brother's Return

The aftermath of the failed merger between Hanmi Pharmaceutical Group and OCI Group continues. Woo Gi-seok, the newly appointed CEO of Bukwang Pharmaceutical, who seemed likely to retain his position with the full trust of OCI Chairman Lee Woo-hyun, voluntarily resigned, resulting in the collapse of all planned personnel exchanges between the two groups.

Woo Gi-seok, CEO of Online Farm

According to the pharmaceutical industry on the 2nd, CEO Woo submitted his resignation to Bukwang Pharmaceutical. Since it was a voluntary resignation, the company is expected to hold a board meeting soon to accept his resignation. Although Chairman Lee expressed strong trust, saying, "Even if he wants to leave, we cannot let him go," and had chosen him as a savior to revive Bukwang Pharmaceutical, which was suffering from poor performance, Woo ultimately left the company.

CEO Woo is regarded as a seasoned sales expert, having joined Hanmi Pharmaceutical as a sales representative in 1994 and worked in various sales departments. From 2012, he moved to Online Pharm, Hanmi's distribution-specialized affiliate, and served as its CEO for nine years starting in 2015. During the recent merger process between Hanmi and OCI, he was appointed as the new CEO of Bukwang Pharmaceutical on the 22nd of last month.

OCI and Hanmi planned personnel exchanges mixing executives from both sides not only with CEO Woo but also with key affiliates such as OCI Holdings, Hanmi Science, and Hanmi Pharmaceutical. However, the merger was ultimately thwarted after minority shareholders led opposition at the Hanmi Science shareholders' meeting on the 28th of last month. The proposal to appoint Chairman Lee to the Hanmi Science board was rejected, Vice Chairman Lim Joo-hyun of Hanmi Pharmaceutical Group voluntarily resigned as a director candidate of OCI Holdings, and Seo Jin-seok, CEO of OCI Holdings who had already been appointed as a director of Hanmi Pharmaceutical, also resigned.

On the other hand, CEO Woo was expected to retain his position due to Chairman Lee's strong trust, stating, "Bukwang Pharmaceutical has significant shortcomings in its sales division, so we appointed a well-known sales expert to handle sales." However, he eventually submitted his resignation. Bukwang Pharmaceutical recorded sales of 125.9 billion KRW and an operating loss of 36.4 billion KRW last year. Sales decreased compared to the previous year, and the operating loss widened. Following the first operating loss since its founding in 2022, the company has yet to overcome its deficit. Concerns are rising about product and pipeline portfolios as well as potential workforce restructuring.

CEO Woo is expected to return to Hanmi Pharmaceutical Group in the future. Since he has not yet resigned from his position as CEO of Online Pharm, a return there is highly likely for now. There is also speculation that he may take on an executive role after brothers Lim Jong-yoon and Jong-hoon officially return to the group. An industry insider said, "The time when CEO Woo was appointed as CEO of Online Pharm coincided with when Director Lim Jong-yoon was leading the group as CEO of Hanmi Science," adding, "It seems highly likely that the brothers personally called Woo back to entrust him with an important role within the group."