SK hynix Appoints Ryu Sung-soo as New CEO for US Division

Synopsis

On January 26, SK hynix announced the appointment of Vice President Ryu Sung-soo as the new CEO of its U.S. division, SK hynix America. Ryu takes over from Kim Ju-seon and is expected to lead the company into new opportunities, especially amidst the growing demand for AI chips and HBM products.

Key Takeaways

Ryu Sung-soo appointed as new CEO of SK hynix America.
Successor to Kim Ju-seon, leading for four years.
Ryu's expertise lies in HBM technology and DRAM product planning.
SK hynix America crucial for U.S. market engagement.
Record sales driven by AI chip demand in 2024.

Seoul, Jan 26 (NationPress) The South Korean semiconductor powerhouse SK hynix has designated Vice President Ryu Sung-soo as the new CEO of its U.S. division, SK hynix America.

Ryu takes over from Kim Ju-seon, who has been at the helm of SK hynix America for four years, as announced by the company on social media on Sunday (Korean time), according to the Yonhap news agency.

SK hynix America stated in a LinkedIn update, “Ryu has been instrumental in the evolution of memory and semiconductor technologies, spearheading revolutionary advancements in high bandwidth memory (HBM) and DRAM product strategies.”

“We believe he will be an outstanding leader, steering us towards an exhilarating new phase for SK hynix America,” the company added.

Since his elevation in 2019, Ryu has been steering global sales and marketing for the HBM segment.

SK hynix America, situated in San Jose, Silicon Valley, acts as a vital communication link between SK hynix and its clientele in the U.S.

In the meantime, SK hynix has reported an exceptional performance in 2024, reaching 66.2 trillion won (approximately US$46.2 billion) in sales and 23.5 trillion won in operating profit, thanks to vigorous demand for HBM products during the ongoing artificial intelligence (AI) surge.

The company’s earnings for the fourth quarter reached unprecedented heights due to escalating demand for AI chips, including high bandwidth memory (HBM), significantly surpassing market predictions.

SK hynix noted that its revenues and operating profits for 2024 also set new records.

The world’s second largest memory chip producer disclosed in a regulatory filing that its net income for the fourth quarter reached 8 trillion won (around US$5.6 billion), a rebound from a loss of 1.37 trillion won the previous year.

For the October-December timeframe, its operating income soared over 20 times to 8.08 trillion won from 346 billion won a year earlier, with sales climbing 74.8 percent year-on-year to 19.76 trillion won.