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Namyang Dairy to improve governance structure after sale falls through Firm seeks management renewal by holding extraordinary general meeting next month

Translated by Kim So-in 공개 2021-09-16 08:08:38

이 기사는 2021년 09월 16일 08:06 더벨 유료페이지에 표출된 기사입니다.

Scandal-ridden Namyang Dairy Products chairman Hong Won-sik decided to improve the company’s governance structure instead of selling a controlling stake to South Korean buyout firm Hahn & Company.

The company will hold an extraordinary general meeting in late October and carry out a management reshuffle to achieve stable management.

This is seemingly because Hong was burdened by public opinion that he overturned his decision to resign. Hong, who pledged to resign from the top post of the dairy firm in May to take responsibility for exaggerating the Covid-19 suppression effect of his dairy product Bulgaris, turned out to have maintained his post. Hong’s two sons were also reinstated or promoted after being dismissed from their positions.

It is also said that Hong interviewed Seoul Invest CEO Park Yoon-bae at the end of August and discussed whether to appoint Park as the new CEO of Namyang, which did not happen.

Hong plans to hold an extraordinary general meeting next month to announce its plan to improve its governance structure, including reorganization of the board of directors, to create favorable public opinion.

Hong believes that it will be difficult to win the lengthy court battle with Hahn & Co under the current system where the management is dominated by the owner family. He aims to focus on the lawsuit through the reorganization of the system as the sale process won’t be able to resume unless the litigation is over.

Hong may attend the extraordinary general meeting scheduled for October after a representative from law firm L.K.B. & Partners attended the extraordinary general meeting held Tuesday at the company’s headquarters in Gangnam, southern Seoul.

It has to be seen whether the resignation of the owner family will be included in the management reform plan. Namyang currently has four inside directors, including chairman Hong, his mother Ji Song-juk, his eldest son Jin-seok, and CEO Lee Kwang-beom.

“We plan to hold an extraordinary general meeting in October to stabilize management, and the possible agenda and the timing are under discussion,” said an official at Namyang. “We plan to announce the details once they are confirmed.” (Reporting by Nuri Moon)
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