SK Group added vice-chairman executive level to grant independent decision-making authority in all key affiliates of the third-largest South Korean conglomerate with business spanning from chips, batteries to wireless network, energy, and bio.
Under the latest regular year-end executive reshuffle on 133 positions, 67 percent were newly promoted to enhance managerial responsibility in core future growth engines of the chip, electric vehicle battery, and biotechnology units.
This was the largest year-end executive reshuffle in three years when compared with 109 promotions in 2020 and 103 in 2021.
The group promoted Chang Dong-hyun and Kim Jun, presidents at SK Inc. and SK Innovation Co., respectively, to vice chairman, according to the group’s announcement on Thursday.
Chang in March vowed to completely transform SK into an investment-focused entity whose market capitalization could reach 140 trillion won ($118.7 billion) by 2025. He unveiled a plan to improve the company’s value by speeding up investments in the company’s four new core businesses – advanced materials, green, bio and digital.
From left, Kim Jun and Jang Dong-hyun, vice chairs at SK Innovation Co. and SK Inc. [Source: SK Innovation Co. and SK Inc.]
Kim was recognized for his leadership in reaching an agreement with LG Energy Solution in April to settle all legal disputes relating to EV batteries in the United States and Korea. Since then, he has been spearheading the company’s global business including its agreement with Ford to set up a battery joint venture in the U.S. to take the lead in the U.S. EV market. Its demerged battery unit SK On will carry out its own year-end executive reshuffle and business reorganization later.
Following the latest promotion, SK Group will have its four key units - chipmaking SK hynix Inc., wireless carrier SK Telecom Co., the group’s holding company SK Inc., and chemicals unit SK Innovation – each led by a vice chairman serving as chief executive.
SK Group’s key units will also set up independent offices in North America to strengthen their business in the key market.
SK hynix CEO and President Lee Seok-hee will oversee the operation of the company’s new North American unit, under which a new R&D center will also be set up. The new North American unit will focus on strengthening NAND business, which will add Intel’s NAND SSD business, and solidifying ties with ICT companies, according to the group.
The chipmaking unit has newly created teams to manage the unit’s overall operation and supervise safety in production and development, which are to be led by two newly promoted presidents Noh Jong-won and Kwak No-jung, respectively.
SK E&S Co. Vice Chairman and CEO Yu Jeong-joo will head PassKey, the Korean energy solution company’s North American subsidiary created last month.
SKC Ltd, copper foil making unit, has received Park Won-cheol, new business team leader of SK Supex Council, as new CEO and president.
SK Nexilis Co., copper foiling subsidiary under SKC, will be headed by new CEO Lee Jae-hong, management support team director promoted to president.
By Lee Yoon-jae, Park Yoon-gu and Cho Jeehyun
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