SK Group's headquarters in Jongno District, Seoul / Korea Times file
By Nam Hyun-woo
SK Group’s top leadership committee held its regular meeting on Tuesday, urging group CEOs to “proactively respond to questions from shareholders and other stakeholders of the group.”
According to the group, SK SUPEX Council Chairman Chey Chang-won convened the council’s February meeting at the group’s headquarters in Jongno District, Seoul. More than 20 CEOs of SK Group, including SK Innovation co-CEO Park Sang-kyu, SK hynix CEO Kwak Noh-jung and SK Inc. CEO Jang Yong-ho, were present.
During the meeting, participants agreed on the urgent need for agile responses to the "triple waves" of fast-changing global trade environments, inflation and artificial intelligence (AI), and that securing fundamental competitiveness should be the top priority for overcoming related challenges.
“Amid the rapidly changing global dynamics, highlighted by the triple waves, stakeholders are throwing various questions to SK,” Chey said. “It is crucial for leaders to take on these questions, find solutions and push forward, rather than avoiding them.”
According to the council, CEOs reviewed the group’s ongoing restructuring efforts, which began last year. As part of those efforts, the group merged liquefied natural gas unit SK E&S into refiner SK Innovation and conducted several intra-group mergers to reshape its portfolio.
The council said those efforts resulted in improvements in the group’s financial and business structure, strengthening its operational efficiency.
The meeting also included an analysis of challenges surrounding the group’s business environment, including the electric vehicle chasm and a protracted slowdown of the petrochemical sector. In response, each affiliate plans to further focus on improving operational efficiency to strengthen its fundamental competitiveness while building the capacity to lead future markets highlighted by AI.
“During the meeting, CEOs agreed that improving operational efficiency is a [matter of] our managing principles, and shared their views that cost-saving efforts and improving competitiveness should come simultaneously,” an official at the council said.
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