Seoul, Korea, March 3, 2003
hynix Semiconductor Inc. (hynix, www.hynix.com), announced that it has carried out an aggressive restructuring initiative.
Under the restructuring plan, the sole company Chairman and Chief Executive is Woo Eui-jei. Other actions include the consolidation of management in the R&D and operations departments, establishing a Product Development Center, and reducing the number of executives.
Considering more than half of its products are developed on site, hynix plans to consolidate management of its R&D and operations departments in a move to gain maximum efficiency and enhance competitiveness by reducing time-to-market. hynix also plans to establish the Product Development Center which will allow a speedy ramp up of new products through the consolidation of multiple R&D departments. The Product Development Center will control the entire process of product development to mass production. To cope with the fast changing global semiconductor market conditions, hynix appointed senior vice president Oh Choon-sik, the head of the memory R&D center, as the new Chief Operating Officer of the memory chip division. Following last May’s 30% executive reduction, hynix accepted the resignations of 20% of the 40 executives in the memory chip division to enhance the effectiveness of the organization.
Since only a few resignations were accepted from the 40 executives who had tendered their resignations last week, hynix does not expect any major changes to the current management structure or any impact on the company’s operations. Chairman Woo’s experience and knowledge gained from his service on the hynix Board of Directors, in addition to his previous experience and expertise as co-CEO, will serve hynix well as the company moves to achieve its objectives. By realigning its management structure, hynix is able to increase its focus on maintaining both cost and technological competitiveness, on moving faster towards a return to profitability and continuing to provide satisfaction to its customers.
