Reappointment of Heads of Major Affiliates
Change of Chairpersons in 5 Supex Committees
No Promotion to Vice President, 8 Presidents Promoted
Sang-gyu Park, New President of SK Enmove
SK Group has made personnel changes aimed at seeking stability amid management uncertainties. In the face of a complex crisis involving high interest rates, high inflation, and high exchange rates, the group is evaluated to have reduced the scope of personnel changes for risk management and empowered the heads of existing business units.
According to SK Group on the 2nd, the SK Supex Council, the group's highest decision-making body, decided to extend Chairman Cho Dae-sik's term for a fourth consecutive term. Additionally, key affiliate CEOs such as Vice Chairman Jang Dong-hyun of SK Inc., Vice Chairman Kim Jun of SK Innovation, Vice Chairman Park Jung-ho of SK Hynix, and Vice Chairman Yoo Jung-jun of SK E&S were also retained. Vice Chairmen Jang Dong-hyun, Kim Jun, Park Jung-ho, and Seo Jin-woo stepped down from their roles as chairpersons of the Supex Council committees. As a result, five out of seven committee heads were replaced.
This personnel move is widely seen as an organizational restructuring effort in preparation for the global economic downturn. SK Hynix has established new organizations and task forces (TFs) to respond to global-level issues and streamlined its decision-making system to enhance internal communication speed. Furthermore, to address global uncertainties and geopolitical issues, a 'Global Strategy' under the 'Future Strategy' division will be newly established. Simultaneously, a 'Global Operation Task Force (TF)' will be formed under the CEO to effectively respond to global production facility deployment and regional issues. The company explained, "We reorganized the organization to increase speed, flexibility, expertise, and diversity to overcome the recent downturn in the semiconductor industry," adding, "This aligns with the direction of turning crises into opportunities by pursuing greater future growth."
Kim Cheol-jung, New President of SK IE Technology
SK Innovation, actively promoting eco-friendly new businesses, replaced the heads of its affiliate subsidiaries. To drive growth strategy execution more strongly, Park Sang-gyu, General Manager of SK Networks, was appointed President of SK Enmove, and Kim Cheol-jung, Head of SK Innovation's Portfolio Division, was promoted to President of SK IE Technology.
SK Inc. appointed Lee Sung-hyung as President and Chief Financial Officer (CFO) to optimize financial structure and business portfolio. The new president will support CEO decision-making from a comprehensive perspective, including financial management and enhancing business synergies.
This year marks the second year that each affiliate's board evaluates the CEO and conducts personnel appointments accordingly. The 'Financial Story,' a management theme emphasized by Chairman Chey Tae-won, was reflected throughout the personnel changes. The Financial Story refers to a strategy of creating a growth story that includes attractive market goals and concrete execution plans in addition to traditional financial performance such as organizational sales and operating profit, aiming to gain trust and empathy from stakeholders including customers, investors, and the market.
Yoon Poong-young, Chief Investment Officer (President) of SK Square
No new vice chairmen appeared in this personnel reshuffle. Instead, multiple new presidents were appointed. The approach seems to focus on concentration of power while also dispersing it.
With no vice chairman promotions, eight new presidents were appointed. Among them, Lee Sung-hyung, CFO of SK Inc., and Yoon Poong-young, Chief Investment Officer (CIO) of SK Square, who was promoted to president and took over as CEO of SK C&C. Others appointed as presidents include Lee Ho-jung, Head of Management Support at SK Networks; Choi Sung-hwan, Head of Business at SK Networks; Lee Dong-hoon, Head of SK Bio Investment Center; Choi Young-chan, Head of Management Support at SK On; Kim Cheol-jung, Head of Portfolio Division at SK Innovation; and Park Jin-hyo, CEO of SK Shieldus. Among them, new presidents Lee Ho-jung, Lee Dong-hoon, and Kim Cheol-jung were also nominated as CEOs of their respective companies.
A total of 145 new executives were appointed, slightly fewer than the 164 appointed in 2022. The number of new executives appointed in 2021 and 2020 were 108 and 109, respectively.
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