Creditors of Hynix Semiconductor Inc. nominated Woo Eui-je as co-CEO of the Korean chipmaker, and also named new candidates for the board of directors.
Woo, currently an outside Hynix board member, will oversee the company’s restructuring efforts while Hynix’s current CEO, Sang Park, oversees production and administrative operations, said an official with one of Hynix’s creditors. Woo’s nomination requires approval from the board and the company’s shareholders.
Dow Jones reported that Woo’s nomination, along with those of the new board members, were likely made with the intention of having top executives friendly to the creditors’ cause to shed Hynix’s core operations, analysts say.
The board’s reshuffling will likely result in the ousting of some current members and one less board seat, said an official at Korea Exchange Bank, Hynix’s main creditor. Creditors and Hynix executives declined to reveal the new board candidates.
Hynix will hold a shareholders meeting on July 24 to approve the new board and discuss other pending issues that need to be resolved before any major restructuring can take place.