SK Innovation Holds First Executive Strategy Meeting of the New Year at CES

Vice Chairman Kim Jun: "In 2023, Unfavorable Business Environment
Risk Management Must Be Strengthened"

Kim Jun, Vice Chairman of SK Innovation, is presiding over a key executive strategy meeting held at CES 2023 in Las Vegas, USA. Photo by SK Innovation

[Las Vegas=Reporter Choi Seoyun] SK Innovation held its first strategic meeting of the new year at CES 2023, the world's largest electronics and IT exhibition, attended by key executives, to discuss ways to accelerate the execution of eco-friendly businesses and agreed to unite company-wide capabilities to sustain these efforts.

At the strategic meeting held on the 6th (local time) at CES in Las Vegas, USA, Vice Chairman Kim Jun of SK Innovation and key executives confirmed that meaningful achievements toward Carbon to Green are being realized through the full-scale implementation of the financial story and explored ways to continue practical 'actions' and results in the future.

At CES 2023, SK Innovation showcased SK On electric vehicle batteries and SK IE Technology's flexible cover window products, which won the highest innovation awards for the first time in SK Group history, informing global visitors of the company's future growth direction. In addition, five products from SK Innovation affiliates received eight innovation awards.

This showcased numerous products and technologies linked to the Green Anchoring strategy, which expands the separator (LiBS) and next-generation material sectors centered on the battery business, and the Green Transformation strategy, which converts existing carbon-emitting businesses into green businesses.

Vice Chairman Kim said, “It is necessary to continue producing visible results in the transition to a ‘New Green Portfolio’ and to have SK Innovation's corporate value highly recognized in the market.” SK Innovation is building the ‘New Green Portfolio’ through clean energy production for the electrification of society, expanding the Battery Metal Recycle (BMR) business by establishing a recycling value chain for used batteries, among other initiatives.

To collaborate with global experts, SK Innovation swiftly moved to open an Open Innovation Post in Silicon Valley, San Francisco, USA, in November last year, aiming to accelerate green-centered innovation. They are securing future technologies through collaboration with external experts by forming consortia with universities and research institutions.

Vice Chairman Kim also emphasized the internalization of ESG management. He stated, “While it is important to devise good ESG management strategies, the core lies in sincere execution and producing results,” adding, “Let us enhance the ESG execution system and engage in transparent communication to gain recognition and trust from external stakeholders and drive corporate value growth.”

Finally, Vice Chairman Kim and the executives anticipated an unfavorable business environment in 2023 due to the sharp fluctuations in international energy prices and the global economic downturn, and agreed to continuously discuss measures to overcome these challenges. Kim said, “Let us prepare various scenarios for different situations and strengthen risk management further.”

Kim Woogyeong, Vice President and PR Officer of SK Innovation, said, “It is significant that we confirmed future technologies and sought growth strategies at CES in the US, where fierce global technological competition takes place,” adding, “SK Innovation will accelerate innovation in eco-friendly businesses even more rapidly.”