Song Young-sook to step down as chairwoman of Hanmi Pharm
Supporting a professional management system led by Hanyang Precision Chairman Shin Dong-guk
Chairman Song issued a statement on the 8th, explaining the joint exercise of voting rights and stock purchase agreement with Chairman Shin. Earlier, on the 3rd, Song and Lim Joo-hyun, Vice Chairman of Hanmi Pharm. Co., Ltd. signed an agreement to sell some of their Hanmi Science shares to Shin and jointly exercise voting rights.
"It is my belief that Hanmi should not be sold to an overseas fund, and this is the way to honour the will of the late Chairman Shin," Song said of the decision, adding, "This is the best way for me and Chairman Shin to do so." The two major shareholders decided to join forces because they knew the late chairman's wishes.
"He said that Hanmi should move to an advanced governance structure where professional managers are in charge of management and the majority shareholders are supported by the board of directors," Song said, "and it seems that Chairman Shin has recently come to the conclusion that this is the right direction."
She also expressed his gratitude to Chairman Shin. She said that the Hanmi Pharm owners are like family to him, and she is grateful for their support of brothers Lim Jong-yoon and Jong-hoon three months ago and for reaching out to mother and daughter this time.
"I am now stepping down from the business front," she said, adding, "I hope Hanmi will be reborn as a new Hanmi Group with a professional management system centred on Chairman Shin."
Earlier on 3 March, Song and Lim signed a share purchase agreement under which Shin, the largest individual shareholder of group holding company Hanmi Science, will buy the two mothers' 6.5 per cent stake in Hanmi Science for 164.4 billion won, with joint voting rights. Together, the three of them, along with their immediate family and friendship holdings, will hold nearly 35 per cent of Hanmi Science's voting rights.
Following Mr Song's departure, Hanmi Science is expected to hold an extraordinary general meeting of shareholders to appoint Mr Shin as a director. Currently, Hanmi Science is headed by Lim Jong-hoon. On 28 March, brothers Lim Jong-yoon and Lim Jong-hoon were elected to the board of directors after winning a shareholder vote, and the system was changed from a co-chairman with Song to Lim Jong-hoon alone on 14 May.