SK Group Reshuffles SK Telecom, Other Affiliate CEOs

The reshuffle focuses on securing stability and growth amid unfavorable business conditions

The SK Group has carried out a massive reshuffle of CEOs of the group's affiliates, including SK Telecom. The group announced on Dec. 19 the promotion of SK Telecom President & CEO Kim Shin-bae to SK C&C CEO and Vice Chairman. The announcement came one day after SK C&C CEO Yoon Suk-kyong was promoted to vice chairman of SK Engineering and Construction Co. SK Networks President & CEO Jung Man-won was appointed SK Telecom president & CEO, while Lee Chang-kyu, president of company-in-company (CIC) trading at SK Networks was promoted to take the helm at SK Networks.
The promotion of SK Telecom President & CEO Kim as SK C&C CEO & vice chairman was construed as the group's move to complete its holding company scheme. Analysts say the new SK C&C CEO Kim will be charged with listing SK C&C, which holds a 25.42 percent stake in SK's holding company, SK Corp., capping the holding company scheme. SK C&C Executive Vice President Yoon Jin-won, in charge of ethical management, was appointed chief of staff at the SK Group Headquarters to replace Hwang Kyu-ho, who was promoted to president & CEO of SK Shipping.
Jay Koo, president of SK Energy P&T, was promoted to president of the newly-established SK Energy's four CICs, while SK Energy Vice Chairman Shin Heon-cheol retains the CEO title, but takes his hands off management, company sources said.
The reshuffle focused on securing stability and growth amid unfavorable business conditions and the new CEOs were appointed to pursue growth in new ways, they said.
SK Telecom's new head Jung, who joined the Corporate Planning Office of SK in 1994, was credited with the successful implementation of the OK Cash Bag business while working as the head of the Customer Business Development Division of SK Corp., which was previously known as Yukong Ltd. Jung led SK Telecom's Mobile Internet Business Division as vice president for two years from December 2000. He also served as the CEO of SK Networks since September 2003, successfully normalizing the company within a short period of time.
Jung will officially assume the role of president & CEO through the Annual Shareholders' Meeting and Board of Directors' Meeting, which are scheduled for March.
Meanwhile, Kim, the current CEO of SK Telecom, who has served since March 2004, the longest term in office for an SK president, was the first in the mobile telecommunications industry to achieve 12 trillion won in revenues. In 2006, he made a decision to acquire a stake in China Unicom, the second largest mobile operation in China, thereby securing a solid foothold in the Chinese market. In February 2008, he acquired SK Broadband, which was formerly known as Hanaro Telecom, finally realizing SK Telecom's long-standing desire to enter the fixed and mobile convergent market. Kim was highly regarded for securing a base for SK Telecom's global operation as well as solidifying the company's market leadership in Korea. Under his leadership, SK Telecom also grew to become a world-class innovative company through "system management." nw

SK C&C CEO and Vice Chairman Kim Shin-bae

SK Telecom President and CEO Jung Man-won

SK Engineering & Construction Vice Chairman Yoon Suk-kyong

SK Shipping President Hwang Kyu-ho