SK E&S Executive Personnel Changes Announced: Yoo Jeong-jun Vice Chairman and Chu Hyung-wook President Form 'Two-Top System'

by Park Soyeon

Published 03 Dec.2020 13:59(KST)

Yoo Jung-jun, Vice Chairman and CEO of SK E&S

[Asia Economy Reporter Park So-yeon] On the 3rd, SK E&S carried out an organizational restructuring and executive appointments focusing on the 'stability' of its existing energy business and the 'growth' of its new energy business.

Through this personnel change, President Yoo Jung-joon, who has led remarkable achievements since his appointment in 2013, was promoted to Vice Chairman and CEO, and along with him, Chu Hyung-wook, Head of Investment Center 1 at SK Inc., was newly appointed as Co-CEO. Together with Vice Chairman Yoo Jung-joon, they will establish a two-top management system. The newly appointed CEO Chu Hyung-wook also concurrently serves as the head of the SK Hydrogen Business Promotion Team, which was launched on the 1st.

SK E&S started as a city gas holding company and became the first private company in Korea to complete the LNG value chain, from natural gas field development and liquefaction/vaporization infrastructure construction to transportation and power generation businesses. Going forward, the company plans to build a 'green portfolio' that expands into future eco-friendly energy sectors such as renewable energy, energy solutions, and hydrogen business.

SK E&S explained the purpose of this personnel change as "to establish a second growth foundation by securing stable profit generation through enhancing competitiveness in the existing LNG business and strengthening future energy capabilities."

Additionally, based on the 'green portfolio' strategy, the company plans to position itself as a leading ESG (Environmental, Social, and Governance) company within the SK Group by providing a core means for the group's RE100 implementation.

An SK E&S official stated, "In a situation where the future energy business environment and structure are rapidly diversifying, to expand the CEO role from a long-term perspective, Vice Chairman and CEO Yoo Jung-joon and newly appointed CEO Chu Hyung-wook will jointly play a key role in SK Group's EGS management and lead innovation in future energy businesses such as hydrogen."