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Hahn & Co., a private equity firm, finally took control of Namyang Dairy after a long battle with the latter’s owners. As the owner changed, the South Korean dairy firm’s chairman, Hong Won Sik, stepped down from his post.
End of Hong Family’s Authority Over Namyang Dairy
Hahn & Co. said on Friday, March 29, that the shareholders approved its plan to overhaul the board of directors at Namyang Dairy Products Co. The company also agreed to replace the leaders with Hahn & Co. executives and add new members.
As per The Korea Economic Daily, the reshuffling of the board officially ended the family control led by Chairman Hong, who has been managing the 60-year-old Namyang Dairy for decades. In any case, the replacements on the board were possible as Hahn & Co. purchased a 53% stake in the firm in 2021.
It was reported that Hong Won Sik also voted for the board revamp during the latest annual general meeting of shareholders. This was a remarkable development as Hong had previously tried to stop Hahn & Co. from acquiring the stake that had already been agreed upon. This ended in a legal fight, and apparently, the court sided with the private equity firm.
New Appointments at Namyang’s Maangement
Korea’s Econovill reported that the new board of directors is expected to designate a representative executive officer and executive officers to bolster Namyang Dairy's organizational structure as soon as possible. The company will be managed under an executive officer system where executive officers are appointed to operate the businesses independently.
Meanwhile, the newly appointed board members include Han & Co. Chairman Yoon Yeo Eul and Vice President Bae Min Gyu. Lee Dong Chun was temporarily appointed chairman of the board of directors.
“The new board of directors will decide on the future appointment of executive committee members and representative executive committee members and the roles of each executive committee member,” a Namyang Dairy official said in a statement. “Nothing specific has been decided yet on the follow-up procedures following the introduction of the executive officer system.”
Photo by: Namyang Dairy Website
