SK Group chairman set to resign from all posts

SK Group Chairman Chey Tae-won will resign from his post as CEO and other high-level positions at the conglomerate’s affiliates, including SK Corporation, SK Innovation, SK C&C and SK Hynix after a recent court ruling.

The Supreme Court last week upheld a lower court that sentenced Chey to a four-year prison term on charges of embezzling 45.1 billion won ($42 million) in corporate funds. Chey has been jailed since early 2013 and will serve his sentence until January 2017 without the possibility of an early release.

SK Group announced that the positions previously held by Chey will remain vacant while the company will add outside directors. The companies will be managed by the board of directors. Chey will remain as the largest shareholder of SK Group, although he will no longer have the legal right to make management decisions.