Since the beginning of this year, SK Group has been undergoing a significant restructuring to build a value chain centered on artificial intelligence (AI) and enhance its global competitiveness. This strategic shift was the focal point of a management strategy meeting held on June 28-29 at the SKMS Research Institute in Icheon, Gyeonggi Province.
The meeting was attended by key figures including Chairman Chey Tae-won, Senior Vice Chairman Chey Jae-won, SUPEX Council Chairman Chey Chang-won, and around 20 CEOs of major affiliates. Notably, Chairman Chey and Senior Vice Chairman Chey participated via video conference, underscoring the global nature of their operations and commitments.
During the two-day meeting, SK’s top management shared the results of various task force activities conducted in the first half of the year aimed at reorganizing the value chain. These discussions are set to translate into specific action plans to be implemented by each company’s board of directors starting in the second half of this year.
A significant highlight of the meeting was the attendance of Chey Yoon-jung, the eldest daughter of Chairman Chey and Vice President of SK Biopharmaceuticals’ Business Development Division, marking her first participation in such a high-level strategic session.
The management agreed on an ambitious goal to secure 80 trillion won (approximately $5.9 billion) by 2026 through profitability improvement, business structure optimization, and synergy enhancement. This substantial fund will be directed towards investments in future growth areas such as AI and semiconductors, as well as for shareholder returns.
Chairman Chey, currently on a business trip to the United States, stressed the urgency of this strategic pivot. “Right now in the U.S., there’s hardly any talk about anything other than AI due to the strong winds of change related to AI,” he remarked. “We must leverage the group’s capabilities to strengthen ‘AI value chain leadership’ from AI services to infrastructure.”
In line with this vision, the SUPEX Council will establish a ‘Semiconductor Committee’ on July 1, with Kwon Oh-jung, President of SK Hynix, serving as the chairman. This move aims to bolster synergies between affiliates related to the AI and semiconductor value chain.
The attending CEOs also recognized the need to adjust the number of affiliates to a ‘manageable range’ to resolve issues such as overlapping investments. They decided to proceed step by step through internal procedures of each company. The CEOs collectively pledged, “To overcome challenging business environments and proactively respond to the future, all members of the group must unite with the spirit of ‘going back to basics.’ From top management, let’s demonstrate leadership by embodying the ‘VWBE (Voluntarily and Willingly Brain Engagement)’ spirit, which is a core principle of SKMS, and by maintaining a humble attitude.”
SK Group, one of South Korea’s largest conglomerates, has a diverse portfolio ranging from energy and chemicals to telecommunications and semiconductors. Under the leadership of Chairman Chey Tae-won, the group has been at the forefront of innovation and global expansion. The current restructuring efforts are part of a broader strategy to maintain and enhance its competitive edge in the rapidly evolving AI and semiconductor industries.
The global competition in these sectors is fierce, with countries like the United States, China, and South Korea heavily investing to secure technological leadership and economic advantages. SK Group’s proactive approach, including the establishment of the Semiconductor Committee and the significant financial commitment, underscores its determination to lead in these critical areas.
