'Rebalancing' SK Successive Leadership Changes Prompt Chey Tae-won to Call for Speed Adjustment

Choi Tae-won, chairman of SK Group, is reportedly urging a slowdown in the pace of leadership changes following a series of replacements among the heads of group affiliates.

According to business circles on the 24th, Chairman Choi recently instructed his cousin, Choi Chang-won, chairman of the SK Supex Council, to moderate the pace so that CEOs can voluntarily step down during the year-end personnel reshuffle.

[Image source=Yonhap News]

This is interpreted as a response to the unusual succession of CEO replacements occurring about 5 to 6 months before the regular personnel reshuffle, which is perceived as dishonorable dismissals.

While these measures are unavoidable in the process of reviewing the group's overall reckless investments and business inefficiencies, the intention is to open the way for CEOs to 'gracefully retire' during the year-end personnel changes. Several SK insiders said, "There was talk that a slowdown was necessary."

Earlier, at SK Ecoplant, President Park Kyung-il stepped down and was replaced by Kim Hyung-geun, head of finance at SK E&S. At SK Square, which has been cited as a prime example of reckless investment, President Park Sung-ha was reportedly notified of his dismissal.

Recently, at SK On, which has been mired in poor performance, Chief Commercial Officer (CCO) and Vice President Sung Min-seok was removed from his position just 10 months after being recruited in August last year.