Hanmi Pharmaceutical appointed its two vice presidents, Woo Jong-su and Kwon Se-chang, co-presidents and chief executive officers, at its board meeting Friday.

The incumbent president, Lee Kwan-sun, stepped down, taking responsibility for management problems, including overdue public notice, poor management of classified information and contract returns. Lee will serve as a full-time adviser.

Hanmi’s sales hit a record high of 1.3 trillion won ($1.13 billion) in 2015, including 512.5 billion won from a series of successful technology exports, but the company’s turnover dropped to 882.5 billion won last year because of changes in some technology export contracts.

Hanmi’s new management will be a “two-track” system, in which one of the two co-CEOs, Woo will be in charge of overall management and Kwon will be responsible for developing new drugs.

Kwon is the leading figure in LAPSCOVERY technology development. Hanmi has grafted the technology, which increases biopharmaceutical half-life, to the treatment of diabetes, obesity, human growth hormone, and neutropenia.

Hanmi also recruited Kim Sun-jin as the company’s new vice president and CMO (chief medical officer) to head its research and development division. A graduate of Seoul National University Medical School, Kim had worked as a urologist at MD Anderson Cancer Center in the United States.

“The management reshuffle reflects Hanmi’s determination to cement its position as the leader in the development of new drugs,” a company spokesman said.

The pharmaceutical group also appointed Lim Jong-hoon, the second son of its founder and chairman, Lim Sung-ki, as a full-time member of its board of directors. The junior Lim is also serving as managing director of Hanmi Pharmaceutical. His elder brother, Lim Chong-yoon, is already serving as the CEO of Hanmi Science and a board member of the group’s three affiliates.