[Exclusive] SK Weighs Stability With Renewal in Oct. 30 Executive Reshuffle

SK hynix to Shift to Co-CEO Structure

Chey Chang-won Signals Possible Reappointment

SK Group, South Korea’s second-largest conglomerate, will carry out a presidential-level executive reshuffle on Oct. 30. The move comes a month earlier than usual for a second straight year. Industry officials say the timing reflects Chairman Chey Tae-won’s intention to wrap up the appointments before a chief executive officer seminar on Nov. 12 and finalize business strategy for next year.

According to industry officials on Oct. 29, SK Group will announce its 2027 executive appointments on Oct. 30. The group’s personnel committee met from Oct. 28 through Oct. 29. Expectations had initially centered on a sweeping management overhaul, but the latest view points to limited changes focused on renewal within stability.

The biggest focus is whether there will be leadership changes at SK hynix and SK Innovation, two of the group’s core affiliates. Kwak Noh-jung, president of SK hynix, and Choo Hyung-wook, president of SK Innovation, are both seen staying in place. With both companies having posted record earnings, market expectations for CEO replacements have faded.

SK hynix is set to move to a co-CEO structure. Yoon Poong-young, president at the SK Supex Council, and Ahn Hyun, president at SK hynix, are among the names being mentioned as co-CEO candidates. SK hynix shifted to a sole-CEO structure led by Kwak in the executive reshuffle at the end of 2023, when Vice Chairman Park Jung-ho stepped down.

At SK Innovation, a leading option is to appoint Chung Seung-il, president and head of future growth at SK Inc., as co-CEO. Chung is considered an energy expert who previously served as vice minister of trade, industry and energy. Some also see a possibility that Jang Yong-ho, president of SK Innovation, could be promoted to vice chairman.

Chey Chang-won, chairman of the SK Supex Council, appears headed for reappointment. In a recent interview with a Korea Economic Daily reporter, he said of a second term that “the committee still has to make a decision.” Chey, a cousin of Chairman Chey Tae-won, took over as council chairman at the end of 2023 and has led the group’s rebalancing effort. He is expected to steer execution of the group’s strategy to reorganize its business portfolio around artificial intelligence.

Attention is also on Choi Yoon-jung, a vice president and the eldest daughter of Chairman Chey Tae-won. Choi heads the strategy division at SK Biopharmaceuticals and has led efforts including the launch of the epilepsy treatment Xcopri.

The reshuffle is also poised to include multiple promotions to president. There were 11 such promotions last year. Kim Sun-hyuk, chief strategy officer at SKC, is among those being mentioned as candidates.

Shin Jeong-eun and Kang Hae-ryeong, Korea Economic Daily reporters newyearis@hankyung.com