Younger brother of SK chairman to lead SK Square in AI push

Chey Jae-won, executive vice chairman of SK Group, delivers a welcome address at the Asia-Pacific Economic Cooperation (APEC) CEO Summit held in Gyeongju, North Gyeongsang Province, Oct. 31. Joint Press Corps

The younger brother of SK Group Chairman Chey Tae-won has been appointed to lead SK Square, the investment arm of the chip-to-energy conglomerate, in an apparent move to strengthen the company's artificial intelligence (AI) and semiconductor capabilities, industry sources said Monday.

Chey Jae-won, executive vice chairman of SK Innovation, will head SK Square along with President Kim Jung-kyu starting early next year, according to the sources.

SK Square was spun off from SK Telecom in 2021 and serves as an intermediate holding company, with chip giant SK hynix under its umbrella.

Chey joined SKC, the group's chemical materials unit, in 1994 and has worked at SK affiliates, including SK Telecom, SK, and SK Innovation, for about 30 years.

He was appointed executive vice chairman of SK Innovation last year to address the company's sluggish battery business performance, particularly at its subsidiary SK On, amid a slowdown in the global electric vehicle market.

Chey's latest appointment came as SK Group has been reorganizing its business portfolio with a focus on AI and semiconductors.

It also aligns with the group's executive reshuffle conducted in October to accelerate restructuring efforts, which included leadership changes at key affiliates, such as SK Telecom.

"Chey's deep understanding of advanced technology and experience are expected play a role in improving SK Square's corporate value," a source said. "He will support the new leadership established through the reshuffle."