Recently facing a crisis due to declining performance and stagnant growth, SK Innovation has replaced its head.
SK Innovation appointed Choo Hyung-wook, president of SK Innovation E&S, as the new CEO. Jang Yong-ho, representative director of SK Inc., was newly appointed as the overall president of SK Innovation.
On the 28th, SK Innovation held a board meeting and reported that it appointed Choo Hyung-wook, president of SK Innovation E&S, as the new CEO and Jang Yong-ho, representative director of SK Inc., as the overall president. Park Sang-kyu, president of SK Innovation, resigned from the CEO position due to health reasons.
Choo, born in 1974, earned a master's degree in business administration from Sungkyunkwan University. Since taking office as president of SK E&S in 2021, he has been pursuing a growth strategy based on four core businesses: low-carbon LNG, renewable energy, energy solutions, and hydrogen. After the merger of SK Innovation and SK E&S last year, he also served as president of E&S CIC and head of the synergy promotion team.
Jang, born in 1964, graduated from Seoul National University with a degree in economics. He has led growth strategies for semiconductor and material businesses within SK Group and has also worked in investment and mergers and acquisitions. Jang is expected to hold the positions of both representative director of SK Inc. and overall president of SK Innovation.
An official at SK Innovation explained, "The board has newly appointed current board members as CEO and overall president to ensure prompt organizational stabilization and unwavering execution of business strategies, inheriting the duties that Park has undertaken." Choo has served as an in-house director, while Jang has held the position of an outside non-standing director.
SK Innovation announced plans to accelerate the business synergies of the merged SK Innovation and E&S, in which Choo will partner with Jang. The company also plans to continue restructuring efforts aimed at eliminating deficits at its battery manufacturing subsidiary, SK On, and improving the performance of its energy and chemicals businesses.
Meanwhile, while Park resigns from the position of CEO at SK Innovation, he plans to serve as chairperson of the SK SUPEX Council's Talent Development Committee and as president of the in-house education organization mySUNI. He will also take charge of SK Innovation's operations in Japan.