SK Inno 60 Years... From Choi Jong-hyun's 'Big Picture' to Chey Tae-won's 'Deep Change'

Entrepreneurship Society Announces SK Innovation's Innovation Growth Research Results
From Oil Refining Company to Integrated Energy Company to Global Green Energy Leader

Former SK Group Chairman Choi Jong-hyun (left) and Chairman Choi Tae-won. Photo by SK Group

[Asia Economy Reporter Choi Seoyoon] SK Innovation (formerly Korea Petroleum Corporation and Yukong), acquired under the ‘big picture’ vision of the late SK Group Chairman Choi Jong-hyun to achieve vertical integration from oil to textiles, has celebrated its 60th anniversary. Experts have analyzed that Chairman Chey Tae-won inherited Chairman Choi Jong-hyun’s big picture management and transformed SK Innovation into a global green energy company through ‘deep change.’

On the 30th, a symposium titled ‘SK Innovation’s 60 Years of Innovative Growth Story,’ hosted and organized by SK Innovation and the Entrepreneurship Society, was held at the SK Seorin Building in Jongno-gu, Seoul. At the symposium, about ten professors from the Entrepreneurship Society presented a report that divided the company’s growth points into ten themes, based on four months of research and analysis in celebration of SK Innovation’s 60th anniversary.

The core of the research findings is that through two major innovations, the domestic refining company transformed first into a ‘comprehensive energy company’ and then into a ‘global green energy leading company.’ The first major innovation was the far-sighted ‘big picture’ management, and the second major innovation was the fundamental change called ‘deep change’ management.

Chairman Choi Jong-hyun, who acquired Yukong in 1980, clearly recognized the limitations of growth through refining business alone and completed vertical integration. He transformed the company into a comprehensive energy company that covers everything from crude oil import, refining, petroleum product production, to textile manufacturing, rather than being a simple refining company. To achieve vertical integration, he made bold facility investments and established the first technology research institute in a refining company to secure advanced new technology R&D capabilities.

Chairman Chey Tae-won, building on his father’s ‘big picture’ spirit, implemented ‘deep change’ management amid rapidly changing business environments and industry trends. The Entrepreneurship Society diagnosed that through this, SK Innovation was transformed into an ESG-based global green energy company. They explained that aiming for sustainable growth, the company diversified its non-refining business portfolio, including batteries and materials, emphasized ESG (environment, social, governance) management, and laid the foundation to grow as a global green energy company centered on electrification and circular economy.

Lee Chun-woo, Chairman of the Entrepreneurship Society, said, “The innovative DNA of SK Innovation emphasized by the late Chairman Choi has reached its completion stage through Chairman Chey. Through ‘big picture’ and ‘deep change,’ the innovation DNA inherent in SK Innovation will play a pivotal role in evolving and developing the company into its ultimate goal of a ‘green energy and materials company’ and achieving net zero.”

The ten growth points of SK Innovation identified by the Entrepreneurship Society are ▲ Seonkyung’s entry into the oil business ▲ Resource-poor oil-producing country project ▲ Petrochemical big picture technique ▲ Korea-China largest economic cooperation Han-Chinese Petrochemical ▲ Korea’s first battery company ▲ Lubricant base oil business ▲ Establishment of growth foundation in gas and bio ▲ ESG leadership (advanced governance) ▲ Innovative labor-management culture ▲ Financial story management technique.

Im Soo-gil, Head of SK Innovation’s Value Creation Center, said, “SK Innovation has received objective external evaluation and recognition that it has continuously grown and developed through the two major innovations of ‘big picture’ and ‘deep change.’ We will actively pursue future growth over the next 60 years based on continuous innovation and the development of a differentiated technology-based eco-friendly portfolio.”

Meanwhile, the Entrepreneurship Society, founded in November 2019, conducts academic research on theories, practices, systems, and policies related to entrepreneurship.

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