Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
SK heir joins McKinsey
SK Group Chairman Chey Tae-won, right, talks with his son, In-keun, in front of a restaurant in Seoul in June 2024. Screenshot from online community
By Park Jae-hyuk
The world’s three largest business consulting firms — McKinsey & Company, Bain & Company and Boston Consulting Group — seem to be serving as training grounds where heirs of Korea’s family-controlled conglomerates acquire essential management skills.
According to industry officials Wednesday, Chey In-keun will join McKinsey’s Seoul office on Thursday after leaving SK Innovation E&S, the group’s energy affiliate, where the 30-year-old son of SK Group Chairman Chey Tae-won previously worked for PassKey, the group’s North American subsidiary.
He is expected to follow in the footsteps of his oldest sister, SK Biopharmaceuticals Vice President Chey Yoon-chung, who joined the group’s biopharmaceutical unit as a team leader in 2017 after working at Bain for two years.
Given that the SK chairman’s three other children are daughters, there is speculation that he may have advised his son to join the consulting firm to prepare for a future transfer of group leadership.
Heirs of other family-controlled conglomerates, such as HD Hyundai, BGF and AmorePacific, have also gained experience at global consulting firms before taking on major roles at their parents’ companies.
Because consultants meet executives at various companies, conglomerate heirs can quickly build their social networks. The high-paying jobs at consulting firms can also justify their high salaries at their family-owned companies.
However, some heirs are pursuing different career paths such as entertainment these days, drawing public attention by sharing their daily lives on social media.