March 3, 2003 – Seoul, Korea – Hynix Semiconductor Inc. has accepted the resignations of eight of its 40 executives in its memory chip operations as part of a move to restructure its business.
“As part of efforts to improve the company’s competitiveness, Hynix accepted the resignations of the eight executives out of all 40 officials who tendered their resignations last week,” Hynix said.
It is common in South Korea for a company’s executives to resign en masse if that company is undergoing restructuring, reported Dow Jones. This is a “face-saving” measure for the management, who can then decide on which resignations they want to accept.
Hynix, the world’s third largest maker of memory chips, also said it has decided not to name a successor for President and CEO Park Sang Ho who resigned last month.