SEOUL, February 14 (AJP) - A protracted leadership dispute at Hanmi Science, the holding company of South Korean pharmaceutical firm Hanmi, has drawn to a close with the appointment of Song Young-sook as its sole chief executive officer.
The board of directors announced Friday that Song, the widow of Hanmi’s late founder, Im Sung-ki, will replace Im Jong-hoon as CEO. The decision comes nine months after Song stepped down from her position as co-CEO last May.
In a further reshuffling of leadership, Im Jong-yoon, the eldest son of the company’s founder, has resigned as a director. Two board members aligned with him have also stepped down, leaving the brothers’ representation on the 10-member board at just two members and effectively ending a long-running power struggle between Song’s coalition and the founder’s sons.
Song leads a four-party alliance that includes her daughter, Im Ju-hyun, along with Shin Dong-guk of Hanyang Precision and private equity firm La Defense Partners. Together, they control approximately 54.42 percent of Hanmi Science shares, eclipsing the 21.86 percent stake held by the founder’s sons.
The leadership battle dates back to early 2024, when Song and her daughter pursued a merger with OCI Group as part of efforts to manage inheritance tax obligations following the death of Hanmi’s founder. The move was met with resistance from his sons, sparking a drawn-out corporate struggle.
Hanmi Science said it will unveil details of its new governance structure after its regular shareholders’ meeting in March.
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