SK On dismisses its CCO amid restructuring efforts

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SK On dismisses its CCO amid restructuring efforts

Published: 19 Jun. 2024, 19:21

The corporate logo of SK On [SK INNOVATION]

SK On, the battery manufacturing unit of SK Group, dismissed its chief commercial officer amid contracting global demand and the group's restructuring efforts, industry sources said Wednesday.

Sung Min-suk was recently removed from his role as CCO, where he was in charge of marketing, sales and project management, according to the sources.

SK On created the CCO post last year and appointed Sung, who has worked in the automotive industry for nearly 30 years. He started his career as a product development engineer at U.S. company Ford Motor Co. in the mid to late 1990s.

The move comes as SK On is likely to streamline its organization to address the stalled global electric vehicle and battery markets, which are currently facing challenges.

SK On reported an operating loss of 581.8 billion won ($422.7 million) last year and remained in the red in the first quarter of 2024 with a loss of 331.5 billion won.

This dismissal also follows the recent appointment of Chey Jae-won, the younger brother of SK Group Chairman Chey Tae-won, as head of SK Innovation, the group's key energy unit.

Insiders have noted that SK Group is intensifying its efforts to tighten the Chey family's control and restructure the group's business portfolio.

Yonhap