Five finalists for president of global chip maker

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Five finalists for president of global chip maker

Yesterday the field of candidates for president at Hynix Semiconductor was set to be narrowed to five from 10.
Hynix’s creditor group said they would select yesterday five final candidates from the 10 they received from a headhunting company. A managing committee from the creditor’s group, which is composed of Woori Bank, Korea Exchange Bank, Korea Development Bank, Shinhan Bank, Nonghyup and the Resolution and Finance Corp., were to take part in the vote.
Two of the candidates from outside Hynix are former Information Minister Chin Dae-je, a former president of Samsung Electronics, and Kim Jong-gap, who resigned recently from the post of vice minister of commerce and trade. Analysts say former Vice Minister Kim could negotiate smoothly with the central government on issues such as Hynix’s plant expansion.
Hynix wants to build a plant in Icheon, Gyeonggi province, but the government has denied it numerous times, citing environmental problems. Mr. Kim also owns many shares in Korea Development Bank and Woori. But some fear he will not be able to overcome internal opposition due to his lack of industry experience. Mr. Chin is a semiconductor expert, but his background at Samsung, a competitor, may count against him.
Hynix candidates include Oh Choon-shik, vice president of development production; Kwon Oh-chul, head of strategy and planning; and production sector head Choi Jin-seog.
After creditors select five candidates, each will do interviews. Whoever wins a two-thirds majority by month’s end will be referred to Hynix’s board.


By Kim Chang-woo JoongAng Ilbo [wohn@joongang.co.kr]
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