SK Innovation replaces heads of key subsidiaries

SK Innovation said Thursday that three of its key subsidiaries -- SK Energy, SK Geocentric and SK IE Technology -- have appointed new company heads with technological expertise to tackle business uncertainties and strengthen core competitiveness.

The announcement comes eight days before the mega-merger of SK Innovation and SK E&S, two major energy affiliates of SK Group, which will create Korea’s largest energy giant with combined assets of 100 trillion won ($723.6 billion).

The newly appointed presidents all come from backgrounds in science and engineering with a focus on technology and field operations. SK Innovation stressed that they are expected to yield visible outcomes in the company’s aggressive push for improving business operations.

Kim Jong-hwa, named president of SK Energy, is currently the head of SK Energy’s Ulsan complex, Korea’s first oil refinery. Considered the top expert within the Ulsan plant, Kim started off as an engineer and built an extensive career in refining and chemical businesses. In the face of growing uncertainty in the global economy, including oil price fluctuations, Kim is expected to push forward stable operations and improve product competitiveness, boosting profitability.

The new president of SK Geocentric, Choi An-seop, runs the materials business division at SK Geocentric and has a master’s degree in chemical engineering. Having served in key roles such as the head of optimal operations and the head of strategy at SK Geocentric, SK Innovation said Choi is recognized as an ideal leader to secure the company’s future growth engines.

Lee Sang-min, the head of the green growth division at SK Enmove, was chosen as the president and CEO of SK IE Technology. Lee has built expertise in growth strategies through his work at the SK Technology Innovation Center and SK Enmove. SK Innovation noted that Lee was instrumental in launching the heating, ventilation and air conditioning and electric vehicle lubricants businesses, and restructuring SK Enmove’s growth strategy.

The three presidents will begin their terms on Nov. 1, when the merger is finalized, while Lee’s appointment as CEO will be confirmed at the annual shareholders’ meeting in March next year, as SK IE Technology is a listed company.

Along with the new appointments, SK Geocentric has also promoted three executives for the corporate planning office, aromatic chemicals manufacturing plant and packaging solution business division.

“Considering that the chemical industry is facing major challenges worldwide, the company has reduced the overall number of executives and streamlined the organization to enable a faster decision-making process,” stated SK Innovation.