SK Inno Ahead of Merger, Replaces Three Presidents to Reinforce Reform Atmosphere

Decision to Replace 3 Major Subsidiary CEOs on the 24th
SK Energy's Kim Jonghwa, SK Geocentric's Choi Anseop, and SK IET's Lee Sangmin

SK Innovation, ahead of its merger with SK E&S, appointed three new CEOs with on-site and technical expertise on the 24th. From the left in the photo are Kim Jong-hwa, President of SK Energy; Choi An-seop, President of SK Geocentric; and Lee Sang-min, Head of Green Growth Division at SK Enmove. Photo by SK Innovation

SK Innovation has initiated organizational reform by replacing three CEOs of its affiliates ahead of its merger with SK E&S. To overcome the crisis and strengthen competitiveness, new leadership has been formed with individuals possessing on-site and technical capabilities. This move is seen as setting the keyword for the group’s executive appointments in December.

SK Innovation appointed Kim Jong-hwa, head of the Ulsan Complex (CLX), as CEO of its affiliate SK Energy. Choi An-seop, head of the Material Business Division, and Lee Sang-min, head of SK Enmove’s Green Growth Division, were appointed as CEOs of SK Geocentric and SK IE Technology (IET), respectively. The current CEOs?Oh Jong-hoon (SK Energy), Na Kyung-soo (SK Geocentric), and Kim Cheol-jung (SK IET)?will step down from their management roles.

All newly appointed CEOs have backgrounds in science and engineering. They are regarded as capable of delivering tangible results in SK Innovation’s ongoing ‘Operation Improvement (OI)’ strategy. The company stated, "We will maximize the overall performance of affiliates by focusing on technology and on-site operations."

Kim Jong-hwa, appointed president of SK Energy, is an engineer with extensive experience in refining and chemical businesses, recognized as a production expert. The company explained that amid uncertain management conditions such as recent oil price fluctuations, he is expected to contribute to continuous profit generation by ensuring stable process operations and product competitiveness.

Choi An-seop, appointed president of SK Geocentric and head of the Material Business Division, has been in charge of R&D (research and development). Having held key positions such as head of the company’s Optimal Operation Office and Strategy Headquarters, he is evaluated to have developed experience and capabilities in high value-added product development.

Lee Sang-min, newly appointed president of SK IE Technology and head of the division, also comes from an R&D background. After developing advanced technologies at SK Corporation’s Technology Innovation Center, he accumulated expertise in growth businesses such as serving as head of SK Enmove’s Green Growth Business Office. During this period, he successfully established key new businesses like HVAC (heating, ventilation, and air conditioning) and e-Fluids for electric vehicles in a short time, reorganizing SK Enmove’s growth strategy. His appointment as CEO is planned to be proposed at the regular shareholders’ meeting in March next year.

Notably, this appointment includes CEOs born in the 1970s. Choi An-seop and Lee Sang-min were born in 1972 and 1975, respectively. The company explained that this was to prepare for a challenging future with younger leadership.

This personnel change took place ahead of the merger between SK Innovation and SK E&S on the 1st of next month, which will launch the ‘Integrated SK Innovation.’ It also draws attention as it may indicate the direction of the group’s executive appointments in December. On-site and technical capabilities are expected to be the core keywords of the personnel changes.

Along with the appointment of the new president, SK Geocentric also carried out a follow-up organizational restructuring, promoting three individuals with proven performance and capabilities to new executive positions. An SK Innovation official stated, "We have made CEO appointments to quickly stabilize the organization in line with portfolio adjustments and to strongly promote OI."

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