The board structure of Hanmi Science, the holding company of Hanmi Pharmaceutical Group, is expected to be reshaped in favor of the 'four-person alliance' led by Chairwoman Song Young-sook. With the resignation of external director Sa Bong-gwan, who is considered a related figure, changes to the previously balanced composition of the Hanmi Science board, which was evenly split at 5 to 5, have become inevitable. Since the 'four-person alliance' is set to appoint a new external director, there is a high possibility of a shift to a 7 to 3 structure.
On the 11th, Hanmi Science announced through a disclosure that external director Sa Bong-gwan voluntarily resigned the previous day for personal reasons. It has been confirmed that Kwon Kyu-chan, who is a non-disclosure executive director, also resigned. These two individuals have been classified as friendly figures from the side of internal director Lim Jong-yoon and CEO Lim Jong-hoon.
Sa Bong-gwan was appointed as an external director at the regular shareholders' meeting of Hanmi Science in March last year. He is a former judge who served as the presiding judge at the Seongnam branch of the Suwon District Court and the Seoul District Court. A representative from Hanmi Science noted, "I understand that the external director decided to resign after recently taking on the role of representative attorney at the law firm Jipyeong."
Kwon Kyu-chan, an executive director and close associate of Lim Jong-yoon, also resigned. Kwon is the CEO of DX & VX. DX & VX is a separate new drug development company owned by Lim.
Although the board of Hanmi Science was evenly matched at 5 to 5 between the brothers and the 'four-person alliance,' the resignation of two board members from the brothers' side has tilted the balance in favor of the 'four-person alliance.' Hanmi Science plans to hold a board meeting soon to appoint additional directors, at which point there is a high likelihood that a figure from the 'four-person alliance' will join the board. The four-person alliance holds 54.42% of the equity, overwhelming the brothers' 21.86%.
As the board composition changes, the future of CEO Lim Jong-hoon has also become uncertain. The four-person alliance is eager to swiftly resolve the management dispute that has persisted for a year. A representative from Hanmi Pharmaceutical Group said, "This is a concrete first step toward ending the management dispute and normalizing operations at Hanmi Pharmaceutical Group," adding, "We plan to hold a board meeting soon to progressively take follow-up actions related to this matter."