Hanmi Science, the holding company of Hanmi Pharm, has ousted Chairperson Song Young-sook from her co-CEO position, appointing her son, Lim Jong-hoon, as the sole CEO.
This decision was pushed through during a board meeting held on Tuesday at the Hanmi Science headquarters in Songpa-gu, Seoul.
Despite being removed from her co-CEO role, Song will remain on the board of Hanmi Science until her term ends on March 29, 2026.
The leadership clash within Hanmi Science reached a boiling point earlier this year over a proposed merger with OCI Group.
Chairman Song and her daughter, Vice Chairperson Lim Ju-hyun, championed the merger, while her sons, Lim Jong-yoon and Jong-hoon, vehemently opposed it. The bitter dispute culminated in a shareholder showdown, where the brothers triumphed, seizing control of the company's management.
In a bid to project a façade of family harmony, the board decided on April 4 to name both Song and Lim Jong-hoon as co-CEOs. However, the arrangement recently crumbled as fierce disagreements between mother and son over executive appointments came to light, leading to today's forced restructuring.
Meanwhile, Hanmi Science is set to announce the leadership overhaul and other board decisions later today.