SK innovation to reshuffle subsidiary CEOs ... > 경제기사 | economics

SK innovation Co. is expected to carry out an earlier-than-usual leadership reshuffle of its affiliates ahead of its merger with SK Eamp;S Co. on November 1.

According to industry sources on Wednesday, SK innovation plans to replace the top executives of its major subsidiaries on Thursday.


This move aligns with SK Group‘s group-wide business restructuring. It is also expected to accelerate SK innovation’s transformation as a key player in the energy sector.

Industry observers predict significant personnel changes, given the ongoing restructuring efforts.

Subsidiaries that have struggled with poor investments and underperformance are expected to see leadership changes.

SK geo centric Co., for instance, announced plans earlier to shift from its existing naphtha cracking center NCC operations to a new business by investing 1.7 trillion won $1.23 billion to build a plastic recycling cluster in Ulsan.

However, its performance has been underwhelming relative to the investment, raising concerns. The company posted an operating profit of 49 billion won for the first half of this year, a sharp drop from 193.7 billion won in the same period last year.

SK ie technology Co., a subsidiary that manufactures separators for secondary batteries, also recorded an operating loss of 58.7 billion won in the second quarter and is currently up for sale.

SK energy Co., which is projected to post poor third-quarter results, has faced challenges throughout the year.

However, SK on Co. CEO Lee Seok-hee is likely to be reappointed. Lee, along with Vice Chairman Yu Jeong-jun who took office in June, has been leading the company, which declared emergency management in July and implemented voluntary retirement programs as part of its restructuring.

SK on, which has reported 11 consecutive quarterly losses, will merge with SK trading international Co., an SK innovation affiliate, on November 1.

Another affiliate, SK enterm Co., will be absorbed by SK on in February 2025.

SK Group will review its second-half management status and discuss next year‘s strategy during a CEO seminar from October 31 to November 2. Executive reshuffles at other subsidiaries are expected in early December.

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