SK hynix Vice Chairman Park Jung-ho, who is also the chief of SK Telecom, has been appointed as the chipmaker’s co-CEO at its board meeting Tuesday, the firm said.

As co-CEO, Park will assume the role of building the corporate culture and leading establishment of long-term strategies for the chipmaker to strengthen global competitiveness and find new growth opportunities. Current CEO Lee Seok-hee will be responsible for development, investment and operation to strengthen technology and product competitiveness.

With Park’s appointment, the chair of the board will be replaced by Lead Independent Director Ha Yung-ku, who was formerly the CEO of Citibank Korea.

“We’ve decided to have both Park and Lee as CEOs to better respond to rapid changes in the global semiconductor industry,” Ha said. “We believe that Park, who has successfully run SK Telecom for the past four years, will help shape and lead the global ICT ecosystem.”

“Park’s presence will help CEO Lee better focus on development of cutting-edge technology for DRAM and NAND flash memory products and the remaining procedures for the planned acquisition of Intel’s NAND and SSD business,” Ha added.

SK hynix also said the chipmaker will enhance the roles of its board from this year onward. The board will lead the company’s management, make key decisions through the subcommittees on strategy, compensation, audit, sustainability and nominating outside directors.

By Song Su-hyun (song@heraldcorp.com)