Solus Advanced Materials on Friday named former SK Hynix president Suh Kwang-pyuk as a new independent CEO at its shareholders’ meeting and board meeting.
He will become the joint CEO to current CEO Chin Dae-jae. CEO Lee Yoon-seok, which oversaw the company along with Chin, will step down from his post for personal reasons.
Suh was the formerly the president of SK Hynix’ future strategic technology, and executive vice president at Samsung Foundry before that.
Chin will likely oversee the ‘big picture’, while Suh focuses on process optimization and other specific tasks.
Solus named Chin, the chairman of private equity fund Skylake Equity Partners, as the CEO back in December.
The company is aiming for 2 trillion won in annual sales by 2025 through strengthening of its four core business areas __ elecfoil, copper foil, electronic materials and bio.
Last year, the firm recorded 290.1 billion won in sales and 30.3 billion won in operating income. Solus is aiming to expand the production capacity of its elecfoil factory at Hungary to 75,000 metric tonnes per year.
Solus Advanced Material split off from Doosan Corp. in October 2019, then being called Doosan Solus. It was then sold to Skylake and renamed Solus Advanced Materials.
A company spokesperson said it will optimize its production process through CEO Suh’s expertise. All its business will see performance boosts this year after post merger integration is completed, they said.