The largest shareholder of COSMAX BTI, the holding company of the cosmetics original design manufacturing (ODM) firm COSMAX Group, has changed to the owner's second-generation successor.
According to the Financial Supervisory Service's Data Analysis, Retrieval and Transfer System (DART) on the 28th, the largest shareholder of COSMAX BTI changed from Chair Seo Sung-seok to Vice Chair Lee Byung-man, CEO of COSMAX. Seo is the wife of Chair Lee Kyung-soo, founder of COSMAX.
Seo sold 843,340 shares to related parties SSY Co., Ltd. and BGAH Co., Ltd., respectively. As Seo's equity stake in COSMAX BTI fell from 22.61% to 13.83%, Vice Chair Lee Byung-man, who already held 19.95%, became the largest shareholder.
SSY and BJA H were founded in Mar., with Vice Chair Lee Byung-man, the eldest son, and COSMAX BTI Vice Chair and CEO Lee Byung-ju, the second son, each owning 100% as personal companies. Combined, the two companies' stakes mean the two sons hold an identical 24.34% equity in COSMAX BTI.
Early this year, COSMAX Group promoted the owner's second-generation successors side by side to vice chair. Vice Chair Lee Byung-man oversees the cosmetics business, including research and development (R&D), manufacturing, and responses to global clients, while Vice Chair Lee Byung-ju is in charge of the group's mid- to long-term strategy and new businesses at the holding company level.