Bukwang Pharmaceutical and Union Korea Pharm Take First Step as 'One Team'... Complete Board Restructuring at Extraordinary Shareholders' Meeting

Bukwang Pharmaceutical is pursuing a strategic integration with Union Korea Pharm and has reorganized its board of directors to maximize synergistic effects between the two companies and to secure future growth drivers.

On July 21, Union Korea Pharm held an 'extraordinary general shareholders' meeting for the 42nd fiscal year' in its main conference room in Seongnam, Gyeonggi Province. The main agenda item at this extraordinary meeting was the appointment of new executives who will lead the successful integration process between Bukwang Pharmaceutical and Union Korea Pharm. The restructuring of both companies was achieved through the 'appointment of new executives.'

Front view of Bukwang Pharmaceutical Headquarters in Dongjak-gu, Seoul. Bukwang Pharmaceutical

First, proposals were made to appoint a total of four new executives, including in-house directors Kwanghyun Sung and Seongsoo Kim, as well as outside directors Jeongsoo Lim and Byunghwan Min, who will lead the post-integration governance structure.

In-house director Kwanghyun Sung is a human resources and organizational management specialist who previously served as Executive Director of HR/GA at OCI and Executive Director of HR at OCI Holdings. At Bukwang Pharmaceutical, he has served as Vice President of the Union Pharm Acquisition Task Force (TF), leading the integration efforts between the two companies at the forefront.

In-house director Seongsoo Kim is an expert in finance and management consulting, having worked at Samil PwC, then served as a partner at EY Han Young and Samjeong KPMG. Since 2024, he has been serving as Executive Vice President for business operations at Bukwang Pharmaceutical, where he has played a key role in leading the company’s turnaround.

On this day, Vice President Kwanghyun Sung was appointed as CEO of Union Korea Pharm, while Vice President Seongsoo Kim was named Executive Vice President of Union Korea Pharm.

Outside director Jeongsoo Lim, who was appointed on this occasion, is a full professor in the Department of Internal Medicine at Yonsei University Wonju College of Medicine and a leading expert in internal medicine and endocrinology. Professor Lim previously served as an assistant professor at Yonsei University College of Medicine and has continued education and research at Wonju College of Medicine for an extended period.

Another outside director, Byunghwan Min, an advisor at Jipyung LLC, is an expert in management and administration, having held positions in government agencies and academia as a distinguished professor. Since 2023, he has served as a management advisor at Hyosung TNS, where he provides strategic and general management consulting for the company.

Additionally, all seven incumbent board members—four inside directors (Keunho Jeong, Soogeun Lim, Seunghee Lim, and Dongsik An) and three outside directors (Youngdeok Lee, Jaesik Yang, and Homin Kim)—have resigned.

Union Korea Pharm will apply to the court for the termination of its rehabilitation process on July 22. Following court review, the process is expected to conclude within this month. Once the court issues an order for termination, the rehabilitation procedure will be officially completed, and Union Korea Pharm will return as a fully normal operating company.

A Bukwang Pharmaceutical official stated, "In-house director Kwanghyun Sung, newly appointed at this extraordinary shareholders' meeting, is an expert in post-merger integration with long tenure overseeing HR at OCI Group," and, "In-house director Seongsoo Kim, who joined to create synergy between Bukwang Pharmaceutical and Union Korea Pharm, has been Executive Vice President for business operations at Bukwang Pharmaceutical and will help drive growth for Union Korea Pharm."

The official continued, "This complete reorganization of the board of directors through the extraordinary meeting marks not just a change in leadership, but a historic first step for Bukwang Pharmaceutical and Union Korea Pharm to truly set sail toward the future as a single community. Both companies will organically combine their unique strengths and core competencies to maximize synergy as 'One Team.'"

The official further emphasized, "Based on a swift and unified decision-making structure, we will lead bold restructuring and management innovation. As the two companies pursue a shared goal, we will enhance shareholder value and emerge as an innovative company leading the domestic market."

This content was produced with the assistance of AI translation services.