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Scandal-ridden Namyang Dairy Products will carry out management reshuffle following its chairman Hong Won-sik’s recent promise to achieve stable management.

Namyang Dairy announced on Wednesday that it would hold an extraordinary general meeting on October 29 to vote on appointing chief general manager Kim Seung-un, Sejong plant manager Jeong jae-yeon, Naju plant manager Lee Chang-won as inside directors and Kwangwoon Foundation director Lee Jong-min as an outside director.

The company said in a press release last month that it is working on a plan to improve its governance structure through a reorganization of the board of directors, hinting at a possibility of holding an extraordinary general meeting.

Currently, the company’s board of directors includes four inside directors – chairman Hong, his mother Ji Song-juk, his eldest son Jin-seok, and CEO Lee Kwang-beom – and two outside directors – Yang Dong-hoon, a chair professor at Konkuk University and Lee Sang-woo at dairy wholesaler Bukook.

Given that three executives have been nominated for new inside directors, one of the existing inside directors may retain the position.

Analysts said chairman Hong is highly likely to retain his position as it may be difficult for him to completely step down amid ongoing legal dispute with private equity firm Hahn & Company. There is also a possibility of chairman Hong’s eldest son Jin-seok remaining on the board of directors.

Among the three candidates, chief general manager Kim is in the limelight. Namyang said the reason for recommending other two, plant managers Jeong and Lee, was that they have deep knowledge of dairy farming and achieved cost reduction through efficient plant operations, while the company saw Kim as capable of actively participating in management through new business strategies.

One of the three candidates is also likely to replace outgoing CEO Lee. Kim may be appointed as the new CEO considering Jeong and Lee are currently responsible of managing plants in Sejong and Naju. (Reporting by Seon-ho Kim)