Kim Jong-kap

By Kim Yoo-chul

Kim Jong-kap, the former head of Hynix Semiconductor, has been named as new CEO and chairman of Siemens’ Korean affiliate.

This is the first time that the German firm has chosen a Korean to lead the affiliate.

The 59-year-old CEO will lead Siemens Korea from June 1.

“Siemens believes that the new CEO will help us build momentum for localization,” said Park Jin, a PR consultant for Siemens Korea, Thursday.

The company sees renewable energy and healthcare as its key earnings sources.

It made 1.7 trillion won in sales last year with a net profit of 69 billion won, Park said. In 2009, Siemens reaped 2.1 trillion won as its annual revenue, while the net profit was 54 billion won.

“I decided to move because I want to be more active. Siemens will create more jobs as a healthy partner and help contribute to the local economy,” Kim told The Korea Times. “Siemens will become a company that realizes localization in a real sense.”

Kim helped the Icheon, Gyeonggi Province-based chipmaker boost its chip-making technology far ahead of its bigger Taiwanese and Japanese rivals even amid the industry’s cyclical downturn.