Crescendo PE Solidifies Direct Management of HPSP as Gidoo Lee Takes the Helm

CEO Transition from Chunheung Lee to Gidoo Lee Announced

"Part of Responsible Management... Accelerating HPSP's Growth"

HPSP, a semiconductor front-end equipment company, has appointed Gidoo Lee, CEO of Crescendo Equity Partners (hereafter "Crescendo"), a private equity fund (PEF) management firm, as its new CEO. This marks a transition from a professional management regime led by financial investors (FI) to direct owner management.

Managerial control of HPSP lies with Crescendo. In 2017, Crescendo acquired the semiconductor equipment division from Poongsan for 10 billion won and launched HPSP, maintaining its position as the largest shareholder ever since. Although, on paper, the largest shareholder is 'Heat 2025 Holdings LLC,' a special purpose vehicle for investment, Crescendo, as the general partner (GP) managing this entity, is the de facto controlling shareholder.

Crescendo: "Rapid Decision-Making and Hands-On Management Are Critical for New Businesses"

Screenshot of the HPSP homepage main screen.

On June 25, HPSP held an extraordinary general meeting of shareholders and appointed Gidoo Lee as an inside director. On the same day, it announced a change of CEO from Chunheung Lee to Gidoo Lee (English name: Kevin; officially registered as Kevin Gidoo Lee). Additionally, outside director Taehong Park voluntarily resigned due to personal reasons.

Outgoing CEO Chunheung Lee is a back-end semiconductor expert and former Vice President of Intel. Crescendo had appointed him as HPSP CEO in September last year. At the time, his recruitment was seen as a move for long-term value enhancement rather than a short-term sale, but he is stepping down after less than a year. Crescendo stated only that "he resigned for personal reasons."

CEO Gidoo Lee has served on HPSP's board as a non-executive director since 2017. With his appointment as inside director and now as CEO, he is taking the helm of company management directly.

Crescendo explained this appointment as an extension of "responsible management." The company stated, "The appointment of Gidoo Lee, CEO of Crescendo Equity Partners, as CEO of HPSP is to fulfill the commitment to responsible management," adding, "HPSP now stands at a crucial turning point as it continues its trajectory of sustained growth."

The company further noted, "Crescendo believes that rapid decision-making and hands-on management are more important than ever for HPSP as it pursues new business opportunities. The selection of a partner in charge as CEO is also a decision aligned with this commitment to responsible management."

"All Resources Focused on Sustainable Growth, Not Sale" — Denial of Sale Rumors

Screenshot of the Crescendo PE homepage first screen

The company drew a clear line regarding rumors of a sale. Crescendo stated, "HPSP is currently concentrating all its resources on sustainable growth, not a sale," and added, "We are also open to recruiting professional managers with optimal capabilities in line with the company's future growth phases and market environment."

This disclosure is seen as the final piece in Crescendo's overhaul of its governance structure, a process that has taken more than a year. Last year, Crescendo attempted to sell its controlling stake in HPSP, but as the market capitalization surpassed 3 trillion won, a total sale became difficult, leading the firm to shift toward long-term ownership.

In January and February this year, Crescendo sold 8.36 million shares (10.05%) and 7.6 million shares (9.18%) in two block deals (off-hours large transactions), recouping 613.2 billion won. Its stake fell from 39.35% to 20.11%, stopping at the 20% threshold that defines a related company under accounting standards.

After former CFO Piljae Park's resignation in March, Crescendo brought in Heejun Ham, a former executive at a global investment bank, as the new CFO on June 16, and with the appointment of CEO Gidoo Lee, the reshuffling of the management lineup is now complete.

Meanwhile, Crescendo was co-founded in 2012 by CEO Gidoo Lee and Peter Thiel, co-founder of PayPal and Palantir. The firm is a technology-focused PEF and is considered to have achieved a return of over 100 times the principal with its investment in HPSP.

This content was produced with the assistance of AI translation services.