The board of directors of Cowell e Holdings Inc. announced that Mr. Kwak Joung Hwan has tendered his resignation from his position as an executive Director, the chairman of the Board, the chairman of the nomination committee of the Board and chief executive officer of the company with effect from 29 February 2016 due to personal health reasons. The Board further announced that Mr. Seong Seokhoon, an executive Director, has been redesignated as the chairman of the Board and the chairman of the Nomination Committee; and Mr. Lee Sun Yong has been newly appointed as the Chief Executive Officer, each with effect from 1 March 2016. Mr. Seong is a chief financial officer of the company.

Prior to joining the Group in May 2003 as the chief executive officer of Cowell Electronics Co. Ltd. Seong is responsible for supervising the financial operation of the Group. Mr. Lee is responsible for managing the overall business operations and achieving the strategic objectives of the Group.

Mr. Lee started his career in Samsung Electronics Co. Ltd., where he worked as a manufacturing process engineer of the memory manufacturing division between 1984 and 2001.