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SK hynix sets up new US business unit under CEO Lee The Korean chipmaker promotes two executives to president

Translated by Kim So-in 공개 2021-12-07 08:07:41

이 기사는 2021년 12월 07일 08:05 더벨 유료페이지에 표출된 기사입니다.

SK hynix CEO and President Lee Seok-hee will oversee the operations of the company’s new business unit in the U.S., where a new research and development (R&D) center will be set up.

The chipmaking affiliate of South Korea's SK Group said Thursday that it promoted two executives to president in its latest executive reshuffle, which has made the company to have five presidents from three. Noh Jong-won, chief marketing officer, and Kwak Noh-jung, chief safety product and production officer, were promoted to president.

The chipmaker also has created the new business unit solely dedicated to the U.S. market as it prepares for an initial closing of its acquisition of Intel’s NAND flash memory business at the end of this year. The business unit will be under the purview of CEO Lee, who will lead the post-merger integration process and solidify ties with American ICT companies.

Under the new U.S. business unit, which has been created as part of the company’s “Inside America” strategy, a separate R&D organization will be established. Lee will oversee business partnerships and R&D activities.

SK Group was expected to grant full authorities to Lee in a bid to stabilize the company’s NAND business after its planned acquisition of Intel’s NAND business as he had worked at Intel for 10 years from 2000. One of the reasons why SK hynix added two more presidents through the latest reshuffle was to make Lee focus more on the U.S. market.

SK hynix is still waiting for the green light from Chinese authorities for its $9 billion acquisition of Intel's NAND business. The company already set up 15 overseas entities for the acquisition by injecting 150 billion won ($126 million). The deal was widely expected to get approval in China in the third quarter, but has been delayed due to its trade and political conflicts with the U.S.

If the deal falls apart, Intel or SK hynix may be required to pay a multi-million-dollar termination fee depending on the circumstances. In case the deal terminates due to specific circumstances related to government approvals or SK hynix fails to close, the Korean company will have to pay Intel a $350 million termination fee if it happens before the first closing or $100 million after the first closing. (Reporting by Choong-hee Won and Hye-ran Kim)
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