Vice chair of SK Chemicals to take top spot in SK Group

Kim Chang-geun, vice chairman of SK Chemicals, will replace SK Group Chairman Chey Tae-won as the next chairman of the group’s highest decision-making body.

The group announced yesterday it appointed Kim the chair of Supex (Super Excellent) for next year.

“Kim has been making significant contributions to growth of the group,” a statement said.

He is recognized for his leadership and contribution during the Asian financial crisis in 1997 as he spearheaded massive restructuring of the group.

“Considering his achievements at the chemical unit, the group expects Kim to be an appropriate figure to promote autonomy and independent management of SK affiliates.”

Kim transformed the chemical unit from a 300 billion won ($279 million) company to 1.3 trillion won in market capitalization. Chey will serve as a “strategic shareholder” of the entire group from next year, a title which allows for limited authority on issues regarding the group’s subsidiaries. Chey has been at the helm of the group since 2004.