Hynix Semiconductor Inc.'s board of directors this week appointed Eui-je Woo as co-chief executive, who will manage the chipmaker's restructuring efforts.
Woo is a former vice president of Korean Exchange Bank, the largest Hynix creditor, and will serve along side chief executive and president Sang-ho Park, who will oversee the company's daily operations. At a special stockholders meeting on July 24, board members and company shareholders will vote to ratify the decision.
A Hynix spokeswoman in Seoul said the board also nominated six new outside directors, which also requires approval from the board and the company's shareholders. A vote to reduce the size of the board from 10 to nine members will also be on the meeting agenda.
Hynix creditors, who now control 80% of the company, proposed all of the latest moves. The board also agreed to a proposal by minority stockholders to allow a new voting system that would give them more weight, the spokeswoman said.
Hynix made its final payment of $93 million to LG Electronics for its 1999 acquisition of LG Semiconductor Co., which was later merged into Hyundai Electronics Co. to form Hynix.