SK Inno Establishes Next-Generation Battery Research Center... 2021 Organizational Restructuring Implemented

Establishment of Next-Generation Battery Research Center and Environmental Technology Research Center
Organization in charge of social value reorganized into ESG Strategy Office

[Asia Economy Reporter Hwang Yoon-joo] SK Innovation has established the Next-Generation Battery Research Center and the Environmental Technology Research Center as part of the execution of 'Green Balance 2030.' Additionally, the SV (Social Value) department has been reorganized into the ESG (Environment, Social, Governance) Strategy Office, and the Platform & Marketing (P&M) CIC (Company in Company) and Refinery & Synergy (R&S) CIC have been newly established.

SK Innovation announced on the 3rd that it has carried out the 2021 organizational restructuring and executive appointments based on these changes.

This organizational restructuring focuses on ▲financial story foundation ▲strong execution of Green Balance 2030 ▲accelerating growth of future core businesses such as battery and materials businesses ▲and completing ESG management. The core of SK Innovation’s ESG is the environment.

To complete ESG management, SK Innovation has decided to concretely implement the company-wide growth strategy 'Green Balance 2030 goal' with a specific direction of 'Green Energy & Green Materials' from each business perspective, and is also completing the financial story in line with this direction.

First, to lead the company-wide Green Balance 2030 strategy, SK Innovation will expand and reorganize the current Technology Innovation Institute into the 'Environmental Science and Technology Institute.' Under it, the Next-Generation Battery Research Center and the Environmental Technology Research Center will be newly established. The Chemical Research Institute will be renamed the Eco-friendly Product Solutions Center, focusing on securing technological competitiveness in the environmental field. SK Innovation has also expanded and reorganized the Battery Research Institute into the Battery Research Center.

In particular, to enhance the execution power of ESG management, SK Innovation has expanded the SV (Social Value) department into the ESG Strategy Office. Additionally, SK Energy has established an eco-friendly project department, and SK General Chemical has newly established the 'Green Biz. Promotion Group' (overseeing new businesses for completing the plastic circular economy). SK Lubricants has also established the 'Green Growth Project Group,' committing to strong implementation at the level of each business subsidiary.

SK Energy, SK Innovation’s petroleum business subsidiary, has introduced the CIC system to discover new businesses in an eco-friendly direction and to continuously develop existing industries in response to the paradigm shift in the energy industry.

Accordingly, the 'P&M (Platform & Marketing) CIC,' which promotes growth as a platform company based on the marketing network, and the 'R&S (Refinery & Synergy) CIC,' which strengthens business synergy in the refining-trading value chain, have been newly established. The P&M CIC will be led by Oh Jong-hoon, current head of SK Energy’s Energy B2C Business Division, and the R&S CIC will be concurrently led by Seo Seok-won, current CEO of SK Trading International.

Kim Jun, President of SK Innovation, said, "This organizational restructuring and personnel appointment were carried out based on the financial story centered on Green Balance and ESG management that SK Innovation must achieve," adding, "2021 will be an important year to not only overcome the current crisis but also to strongly promote new growth businesses centered on eco-friendliness and complete Green Balance 2030."

Meanwhile, SK Innovation has decided to unify employee ranks to PM (Professional Manager), a system directly promoted by employees themselves to innovate the company’s horizontal corporate culture and working methods, effective from January 1 next year. Accordingly, existing ranks and titles such as assistant manager, manager, and senior manager will be abolished.