SK reshuffle recognizes profit-making affiliates

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SK reshuffle recognizes profit-making affiliates

SK Group announced a modest annual reshuffle on Wednesday, the first personnel changes since Chairman Chey Tae-won returned to management.

The reshuffle is characterized by a large number of promotions at well-performing affiliates, such as chip maker SK Hynix.

In the top rank of management, only two executives were promoted to vice chairman.

Chung Chul-khil, CEO of SK Innovation, was appointed vice chairman for his role in steering the company through unfavorable market conditions underpinned by declining oil prices.

SK Innovation, the energy and chemical conglomerate, was expected to face headwinds due to tumbling oil prices but managed to generate constant revenue growth this year.

The energy and chemical unit also laid out an aggressive business strategy and set a goal of tripling its market value to 30 trillion won ($27 billion) by 2018 by diversifying its sources of crude oil and increasing investment in U.S. shale fields.

The other new vice chairman is Kim Young-tae, president of SK Group’s SUPEX Council Communication Committee.

Overall, a total of 137 employees moved up the corporate ladder to executive positions, including director, senior director, president and vice chairman positions. The total number is larger than last year’s 117 changes but this year sees only modest changes in president-level posts.

Lee Wan-jae, executive vice president of affiliate E&S and the head of its LNG business division, became president of petrochemical affiliate SKC.

CEO Kim Hyung-geon of SK Trading International, a subsidiary of SK Innovation, will head SK Global Chemical as president. SK Innovation cited Kim’s experience in global business as the reason for the promotion at the energy trading subsidiary.

Filling in for Kim is Song Jin-hwa, head of the business intelligence division at SK Innovation. Born in 1971, he is the youngest president-to-be in the reshuffle.

In contrast to last year, this year’s top management promotions mostly took place in non-core affiliates.

SK Group replaced the chief executive officers of its four key subsidiaries last year, including SK Telecom, SK Innovation, SK Networks and SK C&C.

Many of the promotions came at chip maker SK Hynix as it pulled off a record operating profit this year. SK Hynix promoted 19 employees to executive positions, the most among SK affiliates.


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