SK Square's Park Jung-ho Introduces 'PT Competition' for Subsidiary CEO Appointments

Focus on Maximizing Subsidiary Corporate Value
Meritocracy-Based Personnel System Instead of Seniority and Tenure

Jung-ho Park, Vice Chairman of SK Square

[Asia Economy Reporter Cha Min-young] SK Square, led by Vice Chairman Park Jung-ho, recently introduced a 'presentation (PT) competition' in the appointment of subsidiary CEOs. The policy aims to select key talents who can maximize the value of subsidiaries through ability-centered personnel decisions rather than seniority or length of service.

According to industry sources on the 24th, 11st, a subsidiary of SK Square, appointed Ha Hyeong-il, Chief Development Officer (CDO) of SK Telecom, as its next CEO. Kim Dong-hoon, head of the platform business at Dreamus Company, which operates 'Flo,' was nominated as the next CEO of Dreamus Company.

This appointment followed a new CEO selection process proposed by Vice Chairman Park. Several CEO candidates directly presented the future business strategies and visions of their subsidiaries in front of Vice Chairman Park, Chief Investment Officer (CIO) Yoon Poong-young, and executives in charge of investment and HR, and underwent in-depth interviews. This is a rare case in the industry for CEO appointments not involving general employees.

The policy aims to achieve the goal of enhancing the corporate value of subsidiaries. As of the end of 2021, SK Square, which transformed into an investment specialist company in November last year, had a net asset value (NAV) of approximately 26 trillion KRW. SK Square is preparing new investments this year. It plans to strengthen external investment partnerships and realize returns on held assets to secure investment funds. It is also preparing for subsidiary IPOs and expanding domestic and international business alliances.

11st, with its new CEO, is considered a promising IPO company alongside SK Shielders, One Store, and T Map Mobility. Vice Chairman Park Jung-ho emphasized in a shareholder letter that "the single goal for 2022 is to become an investment specialist company that prioritizes shareholder value," adding, "Portfolio companies that have completed IPO preparations will prove their value through listings within this year and achieve greater growth based on public offering funds."

An SK Square official explained, "The new personnel system was applied starting with 11st and Dreamus Company," adding, "As SK Square transforms into an investment specialist company, this reflects the determination to find talents who can enhance the value of subsidiaries."

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