SK Group reshuffles energy leadership

SK Group conducted its annual executive reshuffle Friday, retaining the CEOs of major affiliates, including record-setting SK hynix, while reshuffling management at its energy-related units.

Having replaced numerous affiliate CEOs last year, the group focused this time on maintaining leadership stability while promoting executives with specialized expertise to enhance business competitiveness.

SK hynix CEO Kwak Noh-jung, who has led the company since March 2022, will retain his post. SK Group's holding company, SK Inc., also retained CEO Jang Yong-ho. However, Jang will step down as CEO of SK Innovation, a position he had held concurrently, to focus on leading the holding company.

SK Inc. promoted Kim Sun-hyuk, head of strategy at SKC, to president overseeing portfolio management as part of efforts to accelerate the group's portfolio restructuring.

In the energy and chemicals sector, the group appointed executives with expertise in managing external risks and developing new businesses to key leadership positions.

SK Innovation named Cheong Seung-il, president in charge of future growth at SK Inc., as its new CEO. A former vice minister of trade, industry and energy, Cheong previously served as president of Korea Gas Corp. and Korea Electric Power Corp. He joined SK Group in January to oversee future growth at SK Inc. and lead SK hynix's energy task force.

Cheong will focus on managing external risks, including a global economic slowdown and energy market volatility, while strengthening existing businesses and developing new power-related ventures.

Kang Dong-soo, who has overseen operations at SK Inc., was named co-CEO of SK Innovation and CEO of SK Energy. He is expected to boost cash generation from existing businesses and channel the proceeds into investments for future growth.

SK Geocentric, an SK Innovation subsidiary, will be led concurrently by Kim Won-kee, who has headed SK Enmove's company-in-company unit. Kim will focus on improving the profitability of high-value-added chemical businesses.

SK Discovery named Yoon Byung-suk, CEO of SK Gas, as its new CEO, while promoting Song Kyung-yeol, head of strategy at SK Gas, to lead the gas company. Song will focus on upgrading its value chain and improving its financial structure.

Choi Chang-won, vice chairman and a cousin of SK Group Chairman Chey Tae-won, will continue to lead the SUPEX Council, the group's top decision-making body, next year. Kwon Young-su, head of strategy at SK Innovation, was promoted to president overseeing the council.

The group also created a new regional leadership position for Southeast Asia, appointing President Choo Hyeong-wook to the role. The move aims to accelerate local research and development and commercialization efforts in artificial intelligence, clean energy and advanced materials.

As with last year's reshuffle, the appointments were announced about a month earlier than in previous years. The group plans to hold its annual CEO seminar in November to discuss business strategies for next year.