[Edaily Reporter NA EUN-KYUNG ] UNION KOREA PHARM CO.,Ltd(080720)announced on the 21st that it held its 42nd Extraordinary General Meeting of Shareholders at its headquarters in Seongnam, Gyeonggi Province, and approved a resolution to appoint a new board of directors for its strategic merger with BukwangPharmaceutical.

At this extraordinary general meeting, a total of four individuals were appointed as new directors: inside directors Seong Gwang-hyun and Kim Seong-su, and outside directors Im Jeong-su and Min Byeong-hwan. All seven members of the previous board—four inside directors and three outside directors—resigned.

Newly appointed inside director Seong Gwang-hyun previously oversaw human resources (HR) operations at OCI(456040)and OCI Holdings Company Ltd.(010060), and currently serves as vice president of the acquisition task force (TF) for the merger of BukwangPharmaceutical and Union Pharmaceutical, leading the integration efforts between the two companies. Inside director Kim Seong-su has held positions at Samil Accounting Firm (PwC), EY Han Young, and Samjung KPMG, and currently serves as vice president of business operations at BukwangPharmaceutical.

The company explained that Executive Director Seong Gwang-hyun was appointed CEO of UNION KOREA PHARM CO.,Ltd, and Executive Director Kim Seong-su was appointed Vice President.

Professor Im Jeong-su of the Department of Internal Medicine at Yonsei University Wonju College of Medicine and Min Byeong-hwan, a senior advisor at Jipyeong Law Firm, have newly joined as outside directors.

UNION KOREA PHARM CO.,Ltd plans to file a motion with the court on the 22nd to terminate its reorganization proceedings. The company expects to complete the normalization of its operations once the reorganization proceedings are finalized this month, following the court’s review.

An official from BukwangPharmaceutical stated, “This reorganization of the board of directors is part of establishing a management system designed to maximize the synergies resulting from the integration of BukwangPharmaceutical and UNION KOREA PHARM CO.,Ltd,” adding, “We plan to combine the strengths of both companies to establish a rapid decision-making system and pursue management innovation and enhanced corporate value.”