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Hanmi Pharmaceutical Group named Song Young-sook, the wife of the late Hanmi chairman, as the new chief of the South Korean drugmaker, a move aimed to stabilize management amid succession uncertainties following the death of patriarch.

Lim Sung-ki, founder and chairman of Hanmi Pharmaceutical Co., died last week from a chronic illness. He was 80.

Song had served as the chair of Ga-Hyeon Foundation of Culture since 2002 and CSR advisor to Hanmi Pharmaceutical since 2017.

Shares of Hanmi Pharmaceutical fell 1.54 percent to close Tuesday at 319,500 won ($269.5).

In a speech addressed to management on Monday, Song vowed to continue advancing new drug development and forging partnership with overseas partners to become a global pharmaceutical name.

Hanmi Pharmaceutical would continue being led by co-chief executives Woo Jong-soo, in charge of corporate management, and Kwon Sae-chang, head of R&D.

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Lim’s three children are also involved in company management. The eldest son, Lim Jong-yoon, is CEO of Hanmi Science Co., the holding company of the Hanmi Group and was largely expected to move up to the helm.

His sister, Ju-hyun, is executive director at the company, while his brother, Jong-hoon, is chief information officer of Hanmi Pharmaceutical and CEO of Hanmi Healthcare Co.

Eyes are now on the group’s succession plans and how the late chairman’s controlling stake in Hanmi Science would be distributed to the heirs.

Lim was the largest shareholder of Hanmi Science with a 34.27 percent stake, with his three children owning about 3 percent each. Song holds a 1.26 percent stake.

The owner family has governed Hanmi Group by holding a dominant stake in Hanmi Science, which in turn controls Hanmi Pharmaceutical through a 41.39 percent stake.

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