[Exclusive] CEO Park Jae-hyun: 'Major shareholder Geun-geun is intervening... Promises of professional management are not being kept'
Park Jae-hyun, CEO of Hanmi Pharmaceutical, speaks out against significant management interference from a major shareholder amidst ongoing disputes.
In a recent interview, Park Jae-hyun, the CEO of Hanmi Pharmaceutical, expressed his concerns regarding the ongoing management interference by major shareholder Shin Dong-guk, a situation that has resurfaced after a previous governance dispute within the company. The discord within Hanmi Pharmaceutical Group, which began in 2024 with a power struggle among founding family members, saw a resolution earlier this year but is now facing a renewed collision between major shareholders and professional executives, threatening to destabilize the company's management structure once again.
Park revealed that despite an official declaration for a professional management system last year which called for the founding family to step back from day-to-day operations, Shin has continuously interfered in managerial tasks. This includes directly instructing employees without the consent of the CEO and allegedly obstructing internal investigations related to workplace incidents, such as a sexual harassment case, which seems to undermine both accountability and the integrity of internal processes.
The conflict intensifies as Park claims Shin instigated the replacement of a key ingredient in Hanmi's flagship drug Rosuzet with unverified low-cost imports, raising concerns over the product's quality and safety. The ongoing turmoil reflects larger issues of governance within South Korean corporations where shareholder influence often clashes with professional management, posing challenges for future corporate integrity and stakeholder trust.