Employees of Aloys have called on the group led by former CEO Kwon Chung-sik to immediately halt their hostile takeover (M&A) attempts amid the recent management dispute.
On February 25, all employees of Aloys issued a statement declaring, "Stop the attempt at a hostile takeover and do not destroy the future of Aloys."
The employees mentioned former CEO Kwon and a person identified as Mr. Kim, stating, "Recently, these two have been recklessly instigating a management dispute targeting Aloys," and added, "We express our deep concern and anger over this situation."
They particularly defined this crisis as “a hostile M&A attempt for personal gain.” The employees asserted, “The current hostile M&A attempt initiated by the group led by former CEO Kwon is disregarding the company’s growth and development, serving only his personal ambition to regain influence and pursue self-interest.”
They emphasized, “At a time when the company is achieving performance growth and earning the trust of customers, such disputes undermine the company’s public credibility, worsen relationships with partners, and ultimately damage the company’s value and harm the interests of all shareholders.”
The employees stated, “We fully support the future vision of Aloys and the current management team. The current management has strengthened global competitiveness in the OTT set-top box market and, through actions such as the recent acquisition of Korea File, has achieved visible results in business diversification and improvement of the company’s financial structure.”
They continued, “We have complete trust in CEO Shin Jeonggwan and the current management’s leadership, which is driving the company’s sustainable growth. A management dispute at this stage, when business results are just becoming evident, benefits neither the company nor its shareholders.”
Additionally, they said, “The true owners of the company are the numerous shareholders and the employees who work tirelessly day and night in research and on the front lines. We firmly reject any return to the non-transparent management practices of the past.”
They further asserted, “We will fight to the end against any attempt to bring in third parties that threaten our workplace and job security. This will also benefit shareholders who desire the company’s continued growth and increased shareholder value.”
The employees concluded, “Any damage caused to the company by unnecessary management disputes will ultimately translate into shareholder losses. We, the employees, will remain steadfast and continue to do our utmost in our respective roles.”
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