Yoon Donghan Seeks Return as Kolmar Holdings Director as Father-Son Conflict Intensifies

Yoon Donghan Seeks Court Approval to Convene Extraordinary Shareholders' Meeting for Kolmar Holdings Director Appointments
Tensions Rise Between Father and Son Over Group Leadership

Kolmar Group Chairman Yoon Donghan has filed a court petition to convene an extraordinary shareholders’ meeting in order to return as an inside director of the holding company, Kolmar Holdings. Kolmar Holdings is currently led by his eldest son, Yoon Sanghyun, who serves as vice chairman of the group, and tensions between father and son are intensifying.

Donghan Yoon, Chairman of Kolmar Group. Photo by Dongju Yoon

According to the Financial Supervisory Service’s electronic disclosure system on August 1, Yoon Donghan submitted a petition to the Daejeon District Court on July 29, requesting approval to convene an extraordinary shareholders’ meeting for the appointment of directors at Kolmar Holdings. The agenda includes the appointment of eight individuals as inside directors?Yoon Donghan, his daughter Yoon Yeowon (CEO of Kolmar BNH), Kim Chibong (former CEO of Kolmar BNH), Kim Byungmook (former CEO of Kolmar BNH), Yoo Jungchul (vice president of Kolmar BNH), and three others?as well as two individuals as outside directors.

Previously, Kolmar Holdings had filed for an extraordinary shareholders’ meeting to restructure the board of Kolmar BNH, which is managed by Yoon Yeowon. This move by Yoon Donghan is seen as a response to that action. Kolmar Holdings is demanding the appointment of additional inside directors at Kolmar BNH, citing the subsidiary’s poor performance as a reason.

On July 25, the court approved the petition to convene an extraordinary shareholders’ meeting for Kolmar BNH. Kolmar Holdings is now able to hold this meeting for Kolmar BNH by August 26. Regarding Yoon Donghan’s petition to convene an extraordinary meeting, Kolmar Holdings stated, “We will respond in accordance with legal procedures.”

Meanwhile, Kolmar Holdings’ shares are distributed as follows: the largest shareholder, Vice Chairman Yoon Sanghyun, holds 31.75%; Chairman Yoon Donghan owns 5.59%; and CEO Yoon Yeowon holds 7.45%.