최초입력 2025.05.29 10:32:46
SK innovation carried out an unusual mid-year management reshuffle, replacing its chief executive officer in a rare move that underscores growing urgency within the company. The company appointed Choo Hyeong-wook as its new CEO and Jang Yong-ho as its new executive president, signaling that SK Group can no longer overlook the continued underperformance of its core energy subsidiary.
Despite its 2024 restructuring of Asia’s largest energy firm with 105 trillion won ($76.4 billion) in assets, SK innovation’s prolonged poor earnings have dampened expectations. Jang, who will now serve concurrently as CEO of SK Inc. and executive president of SK innovation, is known within the group for his expertise in new business investment and portfolio expansion. A veteran since 1989 when he joined SK innovation’s predecessor Yukong, he has led SK materials and SK siltron, delivering growth and profitability across various divisions.
Jang is considered a trustworthy figure by the group’s leadership, including SUPEX Council Chairman Chey Chang-won. His appointment is likely part of a strategy to quickly respond to changing business conditions and improve investment oversight and portfolio rebalancing.
For his part Choo, who became President & CEO of SK E&S in 2021, will lead SK innovation just six months after the merger of SK innovation and SK E&S. He previously served as president of SK innovation E&S and head of the Synergy Promotion Division, where he drove energy business growth via low-carbon LNG, renewable energy, energy solutions, and hydrogen.
The immediate priority for the new leadership will be restoring profitability. SK innovation posted 21.15 trillion won in revenue and an operating loss of 44.6 billion won in the first quarter of 2025, slipping into the red after a brief recovery in the fourth quarter of 2024. Three out of the last four quarters have ended in operating losses, with the refining, petrochemical, and battery segments all struggling amid weak demand and falling margins.
With this shake-up taking place just ahead of SK Group’s internal strategy review, further restructuring and workforce adjustments may follow later in 2025.
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