Fab equipment maker APTC is planning to name an ex-SK Hynix executive as an inside director.
Jong-Pil Im, the former head of procurement at SK Hynix, will be named as an inside director while the company will also change its name to VM, the company said in a letter to shareholders.
Im started his career at SK Innovation and held multiple high-level positions at SK Group.
He was named head of procurement at SK Hynix in 2012 when the chipmaker was acquired by the business group.
Im created a policy called Technology Innovation Corporation that selects promising suppliers to collaborate on technology and growth together.
APTC was the first supplier to be named in the policy, which led to its revenue growth and later going public. SK Hynix’s policy is still active today with Im gone.
Sources said the senior executive was a core member of the leadership at SK Group, shown in his being named CEO of Essencore, a memory distributor founded in 2014 under SK Group and thought to be a cash generator for the conglomerate.
APTC was mum on what position Im will take up as an inside director but sources said he will be named CEO after the shareholders meeting.
He will be an independent CEO alongside current CEO Choi Woo-hyung, who will be renamed as independent CEO.
Meanwhile, Lee Sang-bok, former CEO and current advisor to STIC Investment, will be named outside director. STIC Investment long over 90% of its investment into APTC when former CEO Kim Nam-hun was in charge. STIC eventually sold all its shares in APTC.
