Seoul: SK Group, the South Korean conglomerate with interests ranging from chips to construction, has executed a significant executive reshuffle to bolster its restructuring efforts. This reshuffle involves appointing new leaders at several key affiliates, including a change in leadership at SK Telecom Co.
According to Yonhap News Agency, SK Group has stated that the reshuffle aims to swiftly tackle challenges faced by its companies, such as portfolio rebalancing to strengthen business fundamentals and improve financial structures. This move is seen as a strategic step to lay the foundation for future growth.
The SK Supex Council, the group's main decision-making body, convened to share the reshuffle plans, which had already been approved by the boards of the affiliates. This organizational shake-up will see Jung Jai-hun, currently serving as the chief governance officer, stepping into the role of CEO at SK Telecom, replacing Ryu Young-sang. Ryu will transition to a role within the SK Supex Council. Jung's new responsibilities include enhancing SK Telecom's competitiveness in the AI sector and rebuilding customer trust after a significant data breach earlier this year.
In other changes, Lee Yong-wook, the current CEO of SK Siltron Co., will become the co-CEO of SK On, the battery unit under SK Innovation Co., alongside Lee Seok-hee. This move comes as SK On faces ongoing financial challenges amid a global slowdown in electric vehicle sales.
Furthermore, SK Innovation has appointed Jang Yong-ho as co-CEO, working jointly with Choo Hyeong-wook. Additionally, the presidents of SKC Co., the chemical materials unit, and SK ecoplant Co., the construction division, will also see changes as part of this comprehensive reshuffle.