Hanmi Pharmaceutical taps first outside CEO in 53-year history

By Kim Dong-young Posted : March 13, 2026, 08:54 Updated : March 13, 2026, 08:54
Hanmi Pharmaceutical headquarters in Songpa District, Seoul/ Courtesy of Hanmi Pharmaceutical
 
SEOUL, March 13 (AJP) - Hanmi Pharmaceutical announced it has nominated Hwang Sang-yeon, head of private equity at HB Investment, as its new chief executive, marking the first time in the South Korean drugmaker's 53-year history that an outsider has been tapped to lead the company.

The board of Hanmi Science, the group's holding company, and Hanmi Pharmaceutical approved the nomination at separate meetings on Thursday. The appointment is subject to approval at the annual general meeting of shareholders scheduled for March 31.

Hwang, 55, is a veteran of South Korea's capital markets and bio-pharmaceutical sector.

A graduate of Seoul National University with bachelor's and master's degrees in chemistry, he previously served as head of research at Mirae Asset Securities, chief investment officer at Allianz Global Investors and CEO of Chong Kun Dang Holdings before joining HB Investment's newly established private equity division in 2025.

His appointment comes amid a bitter feud between outgoing CEO Park Jae-hyun and Shin Dong-kuk, chairman of Hanyang Precision and Hanmi Science's largest shareholder, over allegations of improper management interference.

Park, a 33-year company veteran, was not renominated for a new term after clashing with Shin over issues including the handling of a sexual misconduct case and attempts to substitute lower-cost pharmaceutical ingredients.

Park released a statement after the board meeting, saying he did not believe he was the only person qualified to serve as a professional manager. He expressed hope that his resistance would serve as a reminder of the importance of preserving the legacy of the late founder Lim Sung-ki.
 
Hwang Sang-yeon, head of private equity at HB Investment/ Courtesy of HB Investment
 
The leadership change is widely seen as bringing an end to the standoff between Park and Shin at a company that posted record revenue of about 1.55 trillion won ($1.04 billion) and operating profit of 257.8 billion won in 2025.

The board also nominated Kim Na-young, head of Hanmi Pharmaceutical's new product development division, as an inside director, along with former lawmaker Chae Yi-bae and Han Tae-jun, president of Ghent University Global Campus, as outside directors. Audit committee member Kim Tae-yoon was the only incumbent reappointed among five directors whose terms expire this month.

All previous Hanmi Pharmaceutical CEOs — Lee Gwan-sun, Woo Jong-soo, Kwon Se-chang and Park — rose through the company's own ranks over decades, making Hwang's outside appointment a sharp departure from tradition.

Shares of Hanmi Pharmaceutical closed Thursday same as the previous session at 488,000 won.
Kim Dong-young

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