SK chairman Chey steps down

PHOTO: SK chairman Chey steps down

SEOUL - SK Group chairman Chey Tae-won stepped down from his top post to remain as a "strategic" shareholder, the group said on Tuesday. The country's No. 3 conglomerate named SK Chemical vice chairman Kim Chang-keun to succeed Chey.

The conglomerate's top decision-making council held a meeting, attended by heads of its 17 major affiliates, at its headquarters in downtown Seoul to decide on Kim to lead the group beginning this month.

Chey will still hold the chief executive positions at SK Holdings, SK Innovation and SK Hynix, the group said.

As its biggest shareholder, Chey will concentrate on devising long-term plans on global expansion, next-generation growth engines and high-level overseas networking, according to SK Group officials. Chey has served as SK Group chairman since 2004.

His resignation came at a time when the nation's political circles are stepping up attacks against chaebol, or local conglomerates.

For the new 64-year-old SK Group chief Kim, he will be responsible for drawing up investment and business plans for SK Group as head of SK's decision-making council.

He will also be in charge of running SK Group's new operation system that stresses each affiliate's autonomy as well as board and committee-oriented operational structure, along with redefining its holdings company, which is scheduled to be implemented next year.

"After reviewing several candidates for the group chief position, the council unanimously reached a decision to have Kim take the spot for his contribution to the growth of SK Group and because he is the appropriate businessman to encourage participation involving the group's new operation system," said an SK official.

Since his employment at what is now SK Chemical in 1974, Kim has served executive positions in the finance department and as head of restructuring at SK Group. He has also been seated chief executive of SK Holdings and, most recently, vice chairman and chief executive of SK Chemical.

With Kim's nomination, SK Group plans to announce the results of its year-end reshuffling of chief executives in mid-January, said SK officials.