Choi Tae-won: "I Will Not Force Management on My Son... Board Approval Is Also Necessary"

Revealed in BBC Korea Interview
"The Chairman is a Position with Responsibility... Will Choose by Himself"

Chairman Chey Tae-won of SK Group in an interview with BBC

[Asia Economy Reporter Choi Daeyeol] SK Group Chairman Chey Tae-won stated that "nothing has been decided yet" regarding the succession of management rights to his eldest son, In-geun. Chey’s eldest son, In-geun, joined the affiliate SK E&S, which operates in the energy-related business, last year and is currently working there. Chairman Chey also mentioned that even if his son intends to participate in company management, board approval would be necessary.

In an interview with BBC Korea released on the 6th, Chairman Chey clearly stated in response to the question, "There is much interest in the (SK Group’s) succession issue; are you considering your son?" that "he is still young and has his own life," indicating no intention to force the matter. He added, "(The chairman position) is not just a title but a role with great responsibility," and said, "There are both good and bad aspects, and it is a matter for my son to choose himself."

Chairman Chey has two daughters, Yoon-jung and Min-jung, and one son, In-geun, with curator Noh So-young, from whom he is currently undergoing divorce proceedings. He also has a young daughter with his cohabitant Kim Hee-young. His eldest daughter Yoon-jung previously worked at SK Biopharm, a new drug development affiliate, and his second daughter Min-jung served as a naval officer and, after discharge, works in mergers and acquisitions (M&A) at SK Hynix’s U.S. branch.

Chairman Chey Tae-won's eldest son, In-geun ＜Photo provided by SK Group＞

In-geun is known to be in charge of planning and strategy at SK E&S. He is reportedly very interested in the company’s overall business, including renewable energy, and frequently visits sites in person. SK E&S has recently expanded its overseas new energy business by acquiring or investing in U.S. energy solution companies, and local media reports have noted that In-geun has visited several local business sites in the U.S. Chairman Chey mainly referred to In-geun (he) during the interview.

When asked about criticisms of Korean-style chaebol management and whether he is considering professional managers, he said, "Opportunities are open to everyone, including my children." He also agreed that even if his children intend to manage the company, board approval is necessary. Chairman Chey has consistently emphasized that the highest decision-making body in each company is the board of directors under commercial law and that domestic companies should align with global standards.

Chairman Chey became SK’s CEO and chairman at the age of 39 in Korean age when his father, the late founder Chey Jong-hyun, passed away in 1998. At that time, former chairman Son Gil-seung, a professional manager who had joined the early days of SK’s predecessor, Seonkyung, helped manage the group overall. Chairman Chey’s younger brother, Choi Jae-won, current SK Senior Vice Chairman, and cousin Choi Chang-won, SK Discovery Vice Chairman, have directly participated in company management to support Chairman Chey.

Regarding questions about whether there have been changes due to scandals or collusion between the government and large corporations, he responded, "Cooperation between the public and private sectors is important," adding, "To address climate change, we must gather all resources and cooperation."

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