Choo Hyungwook Appointed as New CEO of SK Innovation
Jang Yongho Takes Office as President Following Park Sangkyu's Resignation
SK Innovation has appointed Choo Hyungwook, President of SK Innovation E&S, as its new CEO. This comes approximately six months after SK Innovation merged with SK E&S in November 2024. Jang Yongho, CEO of SK Inc., has been newly appointed as President of SK Innovation.
On May 28, SK Innovation announced that its board of directors had approved the appointments of Choo as CEO and Jang as President. This decision follows the resignation of Park Sangkyu, former CEO of SK Innovation, who stepped down due to health reasons and other factors after having established and executed the company's portfolio rebalancing strategy.
SK Innovation stated, "To ensure the swift stabilization of the organization and the unwavering execution of our business strategies, the board has appointed current directors as the new CEO and President to succeed the responsibilities previously handled by Park." Choo has served as an inside director, while Jang has served as a non-executive director.
Accordingly, Choo plans to work closely with Jang to accelerate business synergies between SK Innovation and E&S following their merger in November 2024. Additionally, they intend to continue driving portfolio rebalancing and 'Operation Improvement (OI)' initiatives to enhance the performance of SK On, a subsidiary of SK Innovation, as well as to improve results in the energy and chemical businesses.
Since being appointed CEO of SK E&S in 2021, Choo has led growth strategies based on four core businesses: low-carbon liquefied natural gas (LNG), renewable energy, energy solutions, and hydrogen. Following the merger last year, he also headed the synergy task force, consolidating the strengths of both companies.
Jang is recognized as a strategist who has led growth strategies in the semiconductor and semiconductor materials businesses within the SK Group, and has demonstrated expertise in investment and mergers and acquisitions (M&A). In 2015, as head of portfolio management at SK Inc., he led the acquisitions of SK Materials, a manufacturer of specialty gases for semiconductors, and SK Siltron, a semiconductor wafer manufacturer, and directly participated in managing these companies to enhance their corporate value. Jang will concurrently serve as CEO of SK Inc. and President of SK Innovation.
Meanwhile, although Park has resigned as CEO of SK Innovation, he will continue to nurture talent within the SK Group as Chairman of the SK SUPEX Council's Talent Development Committee and as President of the university student outreach program 'Sunny.' At the same time, he will focus on securing business opportunities in Japan as the executive in charge of SK Innovation’s Japanese operations.
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