Chey Shin-won, honorary chairman of SK Networks, the business-holding unit of SK Group, has decided not to receive compensation going forward.
According to SK Networks on the 23rd, the honorary chairman, Chey, will decline compensation and serve in management advisory roles without pay. The company said the decision reflects Chey's view that the honorary chairmanship is an opportunity to serve corporations and society.
Chey, who previously served as chairman of SK Networks, was taken into custody after the Supreme Court in May last year finalized convictions on charges including embezzlement and breach of trust and sentenced him to two years and six months in prison. In August last year, the Lee Jae-myung administration pardoned Chey as a Liberation Day special pardon. He returned to the company as honorary chairman early this month through a board resolution, about eight months after the pardon.
Some criticized his return to management. In the industry, Chey's declaration to work without pay was interpreted as a step back in light of critical views inside and outside the company. SK Networks said, "Chey intends to focus on his core role going forward, including supporting the company's growth, advising on domestic and overseas networks, and engaging in social contribution activities."