SK Networks Regular Shareholders' Meeting on the 25th
Chairman Choi Sin-won's Eldest Son Appointed as Registered Executive of Subsidiary SK Rent-a-Car
[Asia Economy Reporter Suyeon Woo] SK Networks held its 67th regular general meeting of shareholders at its Myeongdong headquarters on the 25th and reappointed Park Sang-gyu as president of SK Networks. At the meeting, agenda items including approval of financial statements, partial amendments to the articles of incorporation, and appointment of directors were passed as originally proposed.
On the day, President Park said, "In a situation where global management environment uncertainties are increasing, we will promote strengthening of the profit structure and financial soundness through accelerating the transition of the business portfolio centered on future growth businesses," adding, "We will strive to actively enhance corporate value that meets the expectations of stakeholders through continuous innovation of customer value and share repurchases to stabilize stock prices."
Last year, SK Networks recorded consolidated sales of 13.0542 trillion KRW and operating profit of 109.4 billion KRW by shifting its business structure to rental-centered businesses such as home appliances and rental cars despite the economic downturn.
In particular, SK Magic, which has continued focused investment in technology and design fields, surpassed 1.8 million rental accounts and showed an annual high growth rate of 20% in profits. The rental car business solidified its position as one of the top two in the industry through the acquisition of AJ Rent-a-Car and completed the launch of the integrated SK Rent-a-Car corporation at the end of the year.
Regarding the amendments to the articles of incorporation, the company clearly defined "happiness of members and stakeholders" as the corporate purpose and revised unnecessary provisions in accordance with the introduction of the electronic registration system for stocks and bonds.
Sang-kyu Park, President of SK Networks, is making a key statement at the regular shareholders' meeting held at the Myeongdong headquarters on the 25th. Photo by SK Networks
Meanwhile, SK Rent-a-Car, a subsidiary of SK Networks and newly launched as an integrated corporation this year, held its shareholders' meeting a day earlier on the 24th. At the meeting, Hyun Mong-ju, who served as head of corporate culture at SK Networks and SKC, was appointed as the new president.
Also, Choi Seong-hwan, the eldest son of Chairman Choi Chey-sun and head of strategic planning at SK Networks, was appointed as a non-executive director (registered executive). With Choi becoming a registered executive who holds voting rights on important company matters, there is an interpretation that the third-generation management succession of SK Networks has officially begun.
President Hyun emphasized, "By combining the tradition of AJ Rent-a-Car and the innovation capabilities of SK Networks, we will continuously improve the products and services in operation and introduce differentiated new service models based on digital technology to enhance shareholder value."
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