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LG CNS CEO resigns amid allegations of sexual harassment and M&A misconduct; AX Corp accused
5 articles |
Updated 13h ago |
Created 16h ago
On March 24, the South Korean government announced that Lee Sang-ho resigned as chief executive officer at semiconductor firm LGCN after admitting to a series of serious violations including an attempted merger with AI company Ax Corporation without proper approval for its board and allegations from employees regarding sexual harassment within his office.
Key Points
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1LG CNS has announced its intention to acquire the semiconductor company AX Semiconductor.
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2The acquisition is expected to be completed within a year, with an estimated investment of approximately $2 billion (approx. KRW 3 trillion).
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3AX CEO Kim Kyung-ho confirmed he will remain in his position after joining LG CNS as its chairman.
Developments
[Mar 24, 11:57]
LG CNS announces acquisition of AX Semiconductor; CEO Kim Kyung-ho to join board but remain in position (Segye).
[Mar 24, 08:58]
Confirmation that LG CNS will acquire AX and complete the deal within a year with an investment of about $1.9 billion; CEO Kim Kyung-ho to stay (Yonhap).
[Mar 24, 07:58]
LG CNS confirms acquisition plan for AX Semiconductor and plans a year-long completion timeline with ~$1.9B investment; CEO Kim Kyung-ho to stay (Yna).
[Mar 24, 07:58]
LG CNS confirms acquisition of semiconductor maker AX Semiconductor and plans a year-long completion timeline with ~$1.9B investment; CEO Kim Kyung-ho to stay (Newsis).
[Mar 24, 06:58]
LG CNS confirms acquisition of semiconductor maker AX Semiconductor and plans a year-long completion timeline with ~$1.9B investment; CEO Kim Kyung-ho to stay (etnews).