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SK Innovation replaces top management
SK Innovation CEO Choo Hyeong-wook, left, and SK Innovation Executive President Jang Yong-ho / Courtesy of SK Innovation
By Park Jae-hyuk
SK Innovation has appointed SK Innovation E&S President Choo Hyeong-wook as its new CEO and SK Inc. CEO Jang Yong-ho as executive president, who will also represent the company.
The intermediate holding company for SK Group's energy and chemical businesses said Wednesday that its board of directors approved the appointments that day. Both Choo and Jang are board members.
Choo, who became CEO of SK E&S in 2021, has led the energy firm's growth in four key areas: low-carbon liquefied natural gas, renewable energy, energy solutions and hydrogen.
Since SK Innovation's merger with SK E&S last November, he has focused on generating synergies as the head of the newly integrated company's independent in-house entity.
Jang is recognized as a strategist who helped SK Group expand its semiconductor and chipmaking materials businesses.
In 2015, while leading SK Inc.'s portfolio management, he oversaw the acquisition of SK Materials, a specialty gas supplier for chipmakers, and SK Siltron, a semiconductor wafer producer, and under his tenure has enhanced their corporate value.
SK Innovation said Jang will continue to lead SK Inc. in addition to his new role.
The company said the new leaders will work to maximize post-merger synergy between SK Innovation and E&S. They are also expected to focus on improving the profitability of SK On, the electric vehicle battery unit, as well as other energy and chemical subsidiaries.
"To ensure continuity without disruption, our board appointed the current directors as the new CEO and executive president," an SK Innovation official said.
The company cited health concerns as the reason for the resignation of former CEO Park Sang-kyu, though his departure was initially attributed to worsening financial performance. Park will remain with the company, training SK Group employees and exploring new business opportunities in Japan.