[비즈한국] Hanmi Pharmaceutical128940 has appointed its first-ever external professional manager as CEO since its inception. On the same day, Kim Nam-kyu, CEO of La Defense and a key ally of the mother-daughter faction, joined the board of the holding company Hanmi Science008930, signaling clear shifts in Hanmi Pharmaceutical Group’s governance and capital strategy. With the simultaneous strengthening of professional management and board restructuring, the market is closely watching how this will impact the group’s future management stability and overall capital strategy.
On the 31st, the regular general meetings of shareholders for Hanmi Science (53rd) and Hanmi Pharmaceutical (16th) were held at Hanmi Tower in Songpa-gu, Seoul. At the meetings, Hwang Sang-yeon, head of the Private Equity (PE) division at HB Investment, was appointed as the new CEO. Hwang had been tapped as the successor after the incumbent, CEO Park Jae-hyun, stepped down upon the expiration of his term following conflict with Shin Dong-kook, Chairman of Hanyang Precision and the largest shareholder of Hanmi Science.
Hwang is considered well-versed in the pharmaceutical and biotech industries, having served as a senior researcher at LG Chem051910’s Biotech Research Institute, CFO of MDimune, and CEO of Chong Kun Dang Holdings001630, in addition to roles such as Research Center Head at Mirae Asset Securities006800 and CEO of Brain Asset Management.
The Korea ESG Evaluation Institute, a domestic proxy advisory firm, provided a positive assessment of Hwang, noting, "He is an investment expert from the capital market with a background that demonstrates a solid understanding of the pharmaceutical industry. We hope that with CEO Hwang at the center, a professional management system and board-centered governance will take root, and that the management disputes among major shareholders will come to an end."
However, some in the market express doubts, questioning whether he lacks expertise in pharmaceutical R&D and manufacturing compared to former CEO Park, who started as a researcher at the formulation research center and served as head of the Paltan plant and manufacturing division. Furthermore, as one of the sources of conflict between former CEO Park and Chairman Shin was the dispute over the use of low-cost raw materials for the dyslipidemia treatment Rosuzet, concerns are raised regarding how Hwang will mediate this issue.
Chairman Shin sought to review the adoption of low-cost raw materials to reduce costs, while former CEO Park, who had long overseen manufacturing processes, strongly opposed it, citing concerns over quality degradation. This is why some point out that it is questionable whether CEO Hwang, who has a stronger background in investment than in R&D, will prioritize cost-cutting measures from major shareholders or maintain quality competitiveness.
Following the shareholders' meeting and board session, CEO Hwang told reporters, "Since pharmaceuticals are a regulated industry, the grand principle is that production is only possible if DMF (Drug Master File) requirements are met. We will weigh the economic pros and cons within the scope of meeting these requirements." When asked how he would manage his relationship with major shareholders, he replied, "Based on law and common sense, I will not be biased toward any shareholder and will maximize the interests of all shareholders to meet expectations and dispel concerns." On his way to the press conference, CEO Hwang bowed before a bronze plaque of the late Chairman Lim Sung-ki, indirectly showing his resolve to carry on the late chairman's legacy.
Meanwhile, former CEO Park Jae-hyun, who concluded his 33-year career as a "Hanmi man" on this day, expressed his unwavering affection and support for the company when asked about his future plans, saying, "Nothing is decided yet," and "If there is anything I can do to help Hanmi from the outside, I will do it."
At the Hanmi Science regular shareholders' meeting held prior to the Hanmi Pharmaceutical meeting, Kim Nam-kyu, CEO of La Defense—who has worked closely with the mother-daughter faction (Hanmi Pharmaceutical Group Chairwoman Song Young-sook and her eldest daughter, Hanmi Science Vice Chairwoman Lim Ju-hyun) since November 2022—was newly appointed as a non-executive director. La Defense signed a consulting service contract with Hanmi Science in November 2022 and has since become a key ally of the mother-daughter faction, providing consulting services for stake sales to secure funds for inheritance taxes.
To make room for Kim, Executive Director of Planning and Strategy Kim Sung-hoon voluntarily resigned from his post as an internal director. Since Director Kim is also classified as a figure aligned with the mother-daughter faction, Kim Nam-kyu’s entry into the board does not necessarily mean the mother-daughter faction has gained an additional numerical advantage in the holding company’s board. However, the market views this as an increase in the mother-daughter faction’s presence, as they have replaced an internal executive—who might be constrained by internal politics such as personnel authority—with a direct ally.
Some in the market believe that despite the alliance formed under the "four-party coalition" at Hanmi Science, signs of internal cracks have appeared, such as the mother-daughter faction filing a lawsuit against Chairman Shin Dong-kook for approximately 60 billion won in penalties. Furthermore, with Kim, a governance reform expert, entering the Hanmi Science board, concerns are emerging that he may clash again with Chairman Shin's side over future inheritance tax solutions and exit strategies.
As Chairman Shin Dong-kook left the company after the shareholders' meeting and board session, he gave a brief response when asked about his expectations for CEO Hwang’s appointment: "There will be a time to reveal that in the future."