Oceanbridge CEO Lee Kyeong-ju will step down for personal reasons, the company said on Thursday.
Inside director Jung Yoon-chul will replace him as new CEO, the company said.
Jung was previously an executive vice president at local private equity fund Alchemist Capital Partners Korea. He previously worked at Hisem and Mirae Asset Daewoo. He also worked at Citigroup Global Markets Korea Securities and Standard Chartered Private Equity.
Alchemist has close ties with SK Group. The private equity fund led SK Hynix’ acquisition of Magnachip.
Oceanbridge was founded in March, 2012 and supplies semiconductor materials and equipment. It listed in KOSDAQ in December, 2016. Its affiliates include Jeil ENG and Hisem.
The company’s biggest customer is SK Hynix. SK Hynix and SK Group subsidiary Happy Narae accounts for over 90% of its sales.
Oceanbridge was sold to a special purpose company called Pan Asia Semiconductor material, or Pan Asia, back in June.
Pan Asia’s 100% parent company is Quantum Innovation No.1 Private Equity Investment. Quantum, in turn, is owned by SK Telecom which has a 59.9% stake.
Pan Asia bought a 24.2% stake of Oceanbridge from existing shareholders __ including Oceanbridge CEO Lee Kyeong-ju’s 16% stake __ at 27.8 billion won. Lee’s 16% stake was sold at 18.4 billion won.
The sales drew controversy from investors due to the low purchasing price of Pan Asia which was lower than Oceanbridge’s market value at the time.