SK Bio Business Pioneer Chairman Chey Jong-hyun's 22nd Anniversary... Quietly Without Separate Events

[Asia Economy Reporter Park So-yeon]SK will quietly observe the 22nd anniversary of the late Chairman Choi Jong-hyun, the predecessor chairman, on the 26th without any special events.

Chairman Choi Tae-won, his family, and key executives used to hold memorial services at the ancestral burial site in Bongdam-eup, Hwaseong-si, Gyeonggi-do, but now they combine the memorial events for Chairmen Choi Jong-geon and Choi Jong-hyun on the April founding anniversary.

This year's decision also appears to consider the situation where many people cannot gather due to the novel coronavirus disease (COVID-19).

Two years ago, on the 20th anniversary, a large-scale event was held at the Walkerhill Hotel in Seoul.

Chairman Choi Jong-hyun succeeded as chairman in 1973 after the founder and his elder brother, Chairman Choi Jong-geon, passed away.

During his tenure, he laid the foundation of the SK Group by acquiring Korea National Oil Corporation in 1980 and Korea Mobile Telecommunications in 1994.

The bio business, which began when Chairman Choi established a new drug development research team at SK Daedeok Research Institute in 1993, recently bore fruit with SK Biopharm.

The entry into the bio business, once considered a reckless challenge, has now become a new growth engine for SK Group, thanks to the perseverance of two generations.

SK Biopharm's epilepsy treatment drug, Xcopri, received FDA new drug approval last year and attracted significant attention this year by being listed on the stock market.

With the listing of SK Biopharm, SK Group's market capitalization stood at approximately 133 trillion won as of the closing price on the 21st, firmly securing second place.

According to the Fair Trade Commission's announcement in May, SK ranks third in the business world with total assets of about 225 trillion won.

SK also stated that the corporate culture emphasizing discussion and voluntary participation was established by the predecessor chairman and evolved by Chairman Choi Tae-won.

An SK official said on the 24th, "The late Chairman Choi Jong-hyun used to have candid discussions about the future for several hours not only with executives but also with members, and Chairman Choi Tae-won concretized this culture through the Icheon Forum."

Chairman Choi emphasizes the Icheon Forum, where domestic and international scholars and SK members discuss, as the "North Star pointing to SK's future direction of change."

This content was produced with the assistance of AI translation services.