The pharmaceutical industry officially enters the annual shareholders' meeting season this week. Companies transitioning to management by the second and third generations of founders are drawing attention in this year's meetings.
Boryung is set to vote on the reappointment of third-generation owner Kim Jeong-kyun, representative, and Chief Strategy Officer (CSO) Kim Seong-jin as inside directors at its regular shareholders' meeting on the 31st. The company announced last month that it would switch from a dual representative system with Kim Jeong-kyun and Jang Du-hyun to a sole representative system led by Kim Jeong-kyun, and the shareholders' meeting will officially approve this single representative system.
Boryung explained that this decision was made considering, "the need for responsible management to quickly and effectively implement Boryung's growth strategy in an uncertain business environment." Professional manager Jang Du-hyun voluntarily resigned for personal reasons ahead of the expiration of his term this month.
Representative Kim Jeong-kyun is the son of Boryung Holdings Chairperson Kim Eun-sun and the grandson of Boryung founder Honorary Chairman Kim Seung-ho. Boryung has early transitioned to a third-generation leadership system under Kim Jeong-kyun, eliminating the potential for disputes. Kim served at Samjung KPMG from 2011 to 2014 before joining Boryung Pharmaceutical in 2014, where he held positions as head of the human resources team and head of business planning. He has served as chairman of the board and representative director of Boryung since 2022.
Samjin Pharm is also expected to undergo a leadership change to the second generation. Famous for its fever and pain reliever "Geborin," Samjin Pharm was co-founded in 1968 by Choi Seung-joo and Jo Ui-hwan. It is projected that a board meeting will be held right after the regular shareholders' meeting on the 21st, where Choi Ji-hyun and Jo Gyu-seok will be appointed as representatives. The two are the eldest son and daughter of Choi Seung-joo and Jo Ui-hwan.
The joint management system of the first generation of Samjin Pharm will be handed over to the second generation. To facilitate this, the company did not present a motion for the reappointment of professional manager Choi Yong-joo as an inside director at this shareholders' meeting. This sets the stage for Choi Ji-hyun to be named the successor to Choi Seung-joo.
Choi Ji-hyun and Jo Gyu-seok joined Samjin Pharm in 2009 and 2011, respectively. The two were promoted to executives in 2018, and in 2023, they were appointed as inside directors at the shareholders' meeting. After serving as vice presidents, they were both promoted to president in January of last year. Currently, Choi oversees sales, marketing, and research and development, while Jo manages administration and production.
Some companies are also undergoing changes in their management systems. Hanmi Pharmaceutical Group, which recently concluded a management dispute among the founder's family members, is expected to reorganize into a professional management system at its regular shareholders' meeting on the 26th. Hanmi Group plans for Kim Jae-kyu, who formerly served as vice president at MERITZ Securities, to lead the holding company Hanmi Science, while the pharmaceutical business, Hanmi Pharmaceutical, will continue under the current leadership of Park Jae-hyun.
To facilitate this, Hanmi Pharmaceutical plans to vote on the appointment of four inside director candidates, including Kim Jae-kyu, at this shareholders' meeting. Lim Joo-hyun, the late Chairman Lim Seong-ki's eldest daughter, will enter as an inside director, while Kim Jae-kyu will serve as the representative director.
JW Pharmaceutical will address the appointment of Ham Eun-kyung as an inside director at its shareholders' meeting on the 26th. There are discussions both inside and outside the company that Ham may be appointed as the representative of JW Pharmaceutical in the board meeting following the shareholders' meeting, leading to a dual representation with the current representative director Shin Yeong-seob. However, the company states that it will maintain a sole representative system for now.
Representative Director Shin Yeong-seob has led the company as the sole representative since March 2017. Shin built a career in sales and marketing over 30 years after joining JW Pharmaceutical in 1988. Ham Eun-kyung graduated from Seoul National University with a degree in pharmaceutical science in 1986 and joined JW Pharmaceutical the same year. The company stated, "Ham is already responsible for key areas such as R&D as the overall president under the board, so the current structure is expected to be maintained."