The former vice industry minister and ex-KEPCO chief will lead the company as SK Grouip reorganizes its management structure and business priorities.
SK Group appointed Chung Seung-il as chief executive of SK Innovation (096770.KS), succeeding Jang Yong-ho and Choo Hyeong-wook, who had led the energy company. Chung takes office Nov. 1.
SK Group announced the appointments after an extraordinary meeting of its SUPEX Council, the group’s top consultative body, on the morning of Oct. 30. The changes were approved by the boards of the respective affiliates, the group said.
Kang Dong-soo takes charge of refining unit
Kang Dong-soo, who headed the portfolio management division at SK Inc. (034730.KS), was named president of SK Innovation and of its refining subsidiary SK Energy, SK Innovation said. His appointment also takes effect Nov. 1.
Jang stays at SK Inc., Choo heads to Southeast Asia
Jang gives up his SK Innovation post and remains CEO of holding company SK Inc. Choo will lead a new Southeast Asia regional post that SK Group created alongside its existing heads for the Americas, China and Japan.
Kwon Young-soo, SK Innovation’s strategy head, was promoted to president in charge of the SUPEX Council.
Chung brings KEPCO and Korea Gas experience
Chung joined SK Group in January as president in charge of future growth at SK Inc. He also leads the energy task force at SK hynix (000660.KS).
Before joining SK, Chung served as vice minister of trade, industry and energy. He also held the top posts at Korea Gas Corp. and Korea Electric Power Corp. (KEPCO).
SK cite restructuring and power business plans
An SK Innovation official said the appointments are meant to strengthen execution of the company’s future growth strategy. The strategy rests on portfolio rebalancing and improvements to its financial structure.
The company plans to improve the competitiveness and profitability of its existing businesses while accelerating its transition towards becoming an electricity provider, the official said.
SK Group said the changes are intended to strengthen competitiveness amid an uncertain business environment. An SK Group official said the group would pursue this through business restructuring and technological innovation.
Chung and Kang start their new roles on Nov. 1. SK Group plans to hold its CEO seminar in November.
