SK Networks Transitions to Business-Type Investment Company... Changes in Leadership at SK Magic, Rent-a-Car, and Walkerhill

[Asia Economy Reporter Su-yeon Woo] SK Networks announced on the 3rd that it has conducted a regular organizational restructuring and executive appointments to prepare for its transition into a business-type investment company and to enhance synergy and efficient integrated management among the three companies SK Networks, SK Magic, and SK Rent-a-Car.

In this regard, SK Networks established the 'Business Division' and the 'Management Support Headquarters,' appointing Choi Seong-hwan, Head of Planning Office, as the head of the Business Division. Under the Business Division, a New Growth Promotion Headquarters was set up to handle investment management and mergers and acquisitions (M&A) related tasks. At the Management Support Headquarters level, the organization was strengthened to support integrated management of headquarters and investee companies and to enhance AI and digital capabilities. Simultaneously, to accelerate the used phone recycling brand 'Mintit' business, the existing team organization was expanded and reorganized into a business division.

An SK Networks official said, "We carried out the organizational restructuring to increase the execution power and synergy of our existing businesses and to discover new growth engines," adding, "Executive appointments were also made considering core competencies, future growth potential, and diversity."

Through this executive appointment, SK Networks moved seven executives and appointed three new executives. Walkerhill and major investee companies also focused on appointing and replacing new CEOs to carry out key tasks for future growth and change management.

SK Magic appointed Yoon Yo-seop, Head of the Management Strategy Headquarters, as its new CEO. The new CEO Yoon is expected to focus on strengthening competitiveness centered on technology and design and enhancing global business execution capabilities.

The CEO of SK Rent-a-Car and the head of Walkerhill swapped roles and replaced their CEOs. SK Rent-a-Car, which requires additional new strategy implementation after the launch of the integrated corporation, will be managed by CEO Hwang Il-moon, while Walkerhill, which needs a turnaround due to COVID-19, will be managed by current head Hyun Mong-joo.

An SK Networks official said, "Along with this executive organizational restructuring, we will implement team reorganizations that can innovate business models, integrate digital technologies, and increase customer and social value," adding, "We will promote changes for future growth based on the will to change and a positive mindset."