SK conducts sweeping personnel reshuffle

By Lee Hyo-sik

Cho Dae-sik, SK Supex Council chairman

Park Sang-kyu, SK Networks CEO

Kim Joon, SK Innovation CEO

SK Group conducted a large-scale personnel reshuffle of its top managers Wednesday, as Korea’s third-largest family-controlled conglomerate scrambles to find new growth engines amid the rapidly changing business environment.

The SK SUPEX Council, the group’s top decision-making body, held a meeting to approve personnel changes at its units. The majority of council members were replaced, while the heads of most of its major affiliates quit.

SK Holdings CEO Cho Dae-sik will become the new SK SUPEX Council chairman, replacing outgoing Kim Chang-geun. SK Innovation, SK Holdings, SK Networks and other major units will be headed by new faces.

“The latest personnel reshuffle aims to enable the SUPEX Council to more proactively deal with the increasingly uncertain business environment, and identify new growth engines,” a SK Group official said. “Those with extensive expertise and experiences in business development and overseas projects are appointed to manage major affiliates.”

SK Group will continue to expand its existing businesses, despite the increasingly unfavorable conditions, and find new business opportunities at home and abroad, the official said. “We will fulfill our responsibility as a leading corporate citizen. We will spare no effort to foster innovation and bolster our corporate value, as well as contributing to the development of the Korean economy.”

New SUPEX Council Chairman Cho has been largely credited with SK Holdings’ strong performance in developing new businesses such as pharmaceuticals and semiconductor materials.

SK Energy CEO Kim Joon will head SK Innovation, Korea’s largest refiner, while SK C&C CEO Park Jung-ho will oversee the management of SK Telecom, the nation’s largest wireless service provider. SK Holdings will be managed by SK Telecom CEO Jang Dong-hyun.

SK Networks, which failed to regain a duty free license last Saturday, will be headed by Park Sang-kyu who has served various key posts at the company, such as product marketing and hospitality management. Park is expected to turn the company around by fostering its household appliance rentals and other businesses with high growth potential, according to the group official.

Other group units including SK Shipping, SK Gas and SK Planet have also undergone changes at the top, the SK official said.

However, SK hynix CEO Park Sung-wook survived the sweeping personnel changes for the semiconductor maker’s stronger-than-expected performance. In addition, Park, along with SK Engineering & Construction CEO Cho Ki-haeng, has been promoted to vice chairman.