[THE INVESTOR] SK Group chairman Chey Tae-won has called for a drastic change for survival, hinting at a large-scale reshuffle across affiliates.
In an executive meeting on June 30, the SK chief requested heads of affiliates to come up with detailed action plans for the change before another CEO meeting later in October.
“Given the current corporate conditions, businesses that fail to make changes will face a sudden death,” he said. “We should make all-out efforts to change everything.”
Some 40 high-ranking executives and CEOs, including SUPEX Council chairman Kim Chang-geun, SK Telecom CEO Jang Dong-hyun and SK hynix president Park Sung-wook, attended the annual meeting.
“Currently, the group’s key indexes are in dismal conditions, including the price-book value ratio that stands at below 1 across affiliates,” he added.
An SK group official said the group will seek mergers and acquisitions more aggressively to focus more on selected businesses.
