Victory of the 4-Person Alliance Including Mother and Daughter Side at the Temporary General Meeting on the 19th
Im Jong-yoon and Im Jong-hoon, the eldest and second sons of the founder of Hanmi Pharmaceutical, who are directors at Hanmi Science, failed in their attempt to remove Park Jae-hyun, CEO of Hanmi Pharmaceutical, and Shin Dong-guk, Chairman of Hanyang Precision (Non-Executive Director), in a bid to seize control of the group.
According to Hanmi Pharmaceutical on the 19th, the dismissal proposals against CEO Park and Chairman Shin were rejected at the extraordinary general meeting held that morning at the Seoul Transportation Corporation building in Jamsil, Seoul. Only 52.62% voted in favor of dismissing CEO Park, and 53.64% supported dismissing Chairman Shin, both falling short of the special resolution threshold of 66.6%.
The Im brothers, Jong-yoon and Jong-hoon, have been engaged in a management dispute with the mother-daughter faction's 'Four-Party Alliance.' The Four-Party Alliance consists of Song Young-sook, Chairwoman of Hanmi Pharmaceutical Group, Im Joo-hyun, Vice Chairman, Shin Dong-guk, Chairman of Hanyang Precision, and Ladepangseu Partners, which acquired some shares from the mother-daughter faction.
The Hanmi Pharmaceutical board consists of 10 members: six from the mother-daughter faction and four from the brothers' side. The brothers aimed to dismiss CEO Park and Chairman Shin from the mother-daughter faction and bring in their allies, Park Joon-seok, Vice President of Hanmi Science, and Jang Young-gil, CEO of Hanmi Fine Chemicals, to the board to secure a majority. However, with the dismissal proposals rejected, the brothers' plan to oust the Four-Party Alliance executives was thwarted.
As a result, the Hanmi Pharmaceutical board remains dominated by the Four-Party Alliance with a 6 to 4 majority. Additionally, Hanmi Pharmaceutical will continue to operate independently from its holding company, Hanmi Science. The proposals to appoint Vice President Park and CEO Jang as new directors were not put to a vote and were automatically discarded.
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