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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorea's Hynix to trim pay in recovery effort By KELLY OLSEN,AP Business Writer AP - 1 hour 5 minutes ago SEOUL, South Korea - South Korea's loss-making Hynix Semiconductor Inc. said Sunday it will slash executive pay and ranks and encourage some employees to quit in an effort to return to profitability amid a serious downturn in the memory chip industry and global economy. Hynix, the world's second-biggest manufacturer of computer memory chips after South Korean rival Samsung Electronics Co., said in a statement it plans to achieve a reduction in salary expenses by 15 percent through the moves. The Icheon, South Korea-based company said it has been in emergency mode since October "to overcome a management crisis in line with the long downturn in the memory chip market and global economic slowdown." The proposed cost-saving measures will free up cash that can be used to help the company recover, Hynix said. Hynix said it plans to cut the pay of its CEO by 30 percent and that of other executives by 10 percent to 20 percent. It also plans to reduce executive numbers by 30 percent and seek voluntary early retirements for workers employed more than 10 years. The company also said between January and April all employees will be required to take two weeks of unpaid leave. Hynix said it reached an agreement on the measures during a meeting Thursday between CEO Kim Jong-kap and company labor union officials at Hynix headquarters. Hynix competes with Samsung Electronics in NAND flash and DRAM, or dynamic random access memory, chips. NAND flash are used in digital devices such as music players and cameras, while DRAMs are used mostly in personal computers. Semiconductor manufacturers have been hurt by a prolonged bout of falling prices for both kinds of chips amid oversupply in the industry. Hynix recorded a net loss of 1.65 trillion won ($1.12 billion at current exchange rates) in the three months ended Sept. 30, its fourth straight quarterly loss. Shares in Hynix rose 3.6 percent Friday to 7,560 won ($5). South Korean media have reported Hynix may need to raise funds from creditors or even receive government backing. The company made no mention of that possibility in its statement. Hynix has run into management difficulty before, twice nearly collapsing under mountains of debt only to be bailed out by creditor banks. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy SKorea unveils fresh support for struggling farm sectorAFP - 10 minutes ago SKorea's Hynix to trim pay in recovery effortAP - 1 hour 5 minutes ago Obama banking on large-scale public works projectAP - Sunday, December 7 Sarkozy defies China with Dalai Lama talksReuters - Sunday, December 7 Related Articles: Business SKorea unveils fresh support for struggling farm sectorAFP - 10 minutes ago SKorea's Hynix to trim pay in recovery effortAP - 1 hour 5 minutes ago Australian dog team searches PNG landslide siteReuters - 1 hour 19 minutes ago Walmart.com offers 'thousands' of Wiis from MondayReuters - 2 hours 44 minutes ago Citing security, Australia says Qantas must stay AussieAFP - Sunday, December 7 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Diamond thieves pull off 100-million-dollar Paris heist Girl, 8, among 17 dead in Manila shoot-out: police Vinnie Jones gets into bar fight over role in X-Men Oil price falls below $40 Formula One: Honda exit casts cloud over F1 future View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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