Generational shift looms in SK leadership
SK Group Chairman Chey Tae-won is expected to carry out a complete reform of the conglomerate’s top leadership this week, seeking a generational shift to handle uncertainties in the fast-changing market.
According to industry sources on Monday, Chey asked four chief executives of the group's major affiliates -- SK Supex Council Chairman Cho Dae-sik, SK Innovation Vice Chairman Kim Jun, SK Corp. Vice Chairman Jang Dong-hyun and SK hynix Inc. Vice Chairman Park Jung-ho -- to step down, holding separate meetings in Japan last week.
The four incumbent heads of the SK Group affiliates have been leading their respective companies for the past seven years since their promotions in 2016.
As Chey has emphasized the need for a "complete change" to adapt to the rapid transformation of business conditions in and outside of the country, younger leaders in their 50s are expected to replace the current leadership in the executive reshuffle slated for Thursday.
SK Discovery Vice Chairman Chey Chang-won is a potential candidate to succeed Cho to lead the SK Supex Council -- the conglomerate's top decision-making body and the No. 2 position in the nation's second-largest conglomerate. Chey, aged 59, is a younger cousin of the SK chairman.
Born in Seoul in 1964, Chey Chang-won is the third son of Choi Jong-kun, the founder of the Sunkyoung Group, now SK Group. Chey studied psychology at Seoul National University before earning an MBA at the University of Michigan.
He is said to be in full confidence of Chey Tae-won and is a "workaholic" who has demonstrated great performance.