Taking the First Step Toward Integration with "Mabuwi-chim": SK On and SK Enmove Become One Family

First CEO Town Hall Held After Merger
Lee Yongwook, CEO of SK On, Stresses Determination Amid Crisis
"Let Us Be Confident in Becoming a Global Top-Tier Company"

SK On has completed its merger with SK Enmove and announced a fresh start as "Integrated SK On." At the first town hall meeting following the merger, CEO Lee Yongwook presented the theme of "Mabuwi-chim" (磨斧爲針, grinding an axe to make a needle), emphasizing that it is especially important not to lose confidence and determination during difficult times. SK On unveiled its vision to maximize synergies between its battery and lubricant base oil (fluid) businesses and become a global leading company.

On November 5, SK On held its first CEO town hall meeting after the merger with SK Enmove at Gwanhun Campus in Jongno-gu, Seoul, officially launching "Integrated SK On." The event was attended by over 120 executives and employees, including CEO Lee Seokhee, newly appointed CEO Lee Yongwook as of November 3, and Kim Wonki, President of SK Enmove's Company-in-Company (CIC). Employees who could not attend in person participated via live online broadcast.

Lee Yongwook, CEO of SK On, is speaking at the town hall meeting held on the 5th at Gwanhun Campus in Jongno-gu, Seoul. SK On

CEO Lee Yongwook stated, "The first thing we must do is to maintain our confidence and determination to become a global leading company, even in challenging circumstances," adding, "Let's achieve our dreams together." Quoting the proverb "Mabuwi-chim," he explained that even if it takes time, unwavering determination will ultimately lead to achieving one's goals.

President Kim Wonki highlighted the competitiveness of SK Enmove, which holds the number one market share globally, and said, "SK On and SK Enmove are closely connected within the automotive ecosystem. As a result of our commitment to quality, our lubricant base oil is used in 60% of new cars worldwide. Even in the era of electrification, we will maximize synergies with SK On batteries through technologies such as cooling fluids and thermal runaway prevention."

Yoo Jungjoon, Vice Chairman of SK Inc., also attended and said, "I am grateful for the dedicated efforts shown by our members during the past year and six months at SK On. Now, as Vice Chairman of SK Inc. and CEO of SK Americas, I will do my utmost in the United States to ensure SK On's success." He shared his experiences overcoming difficulties as the first president of SK Enmove in 2009, and advised, "SK On will also one day overcome its crises and share those stories with future generations. The more difficult things are, the more important it is to spend each day faithfully. That effort will accumulate and lead to good results."

In his closing remarks, CEO Lee Seokhee said, "Under the umbrella of SK On, SK Enmove has joined the family following SK Trading International last year. As several organizations have come together under one umbrella, the spirit of being 'one team' and cooperating is crucial. How well we collaborate will determine the growth of Integrated SK On."

Meanwhile, SK On completed its merger with SK Enmove on November 1, finalizing the creation of "Integrated SK On" following the three-way merger with SK Trading International and SK Entom in February. SK Enmove has been integrated into a Company-in-Company (CIC) structure together with SK On Trading International.