SK Group Chairman Chey Tae-won (SK Group)
SK Group Chairman Chey Tae-won (SK Group)

SK Group Chairman Chey Tae-won highlighted the importance of taking the lead in artificial intelligence, a crucial area for business growth in global industries, in his New Year's address sent to employees on Wednesday.

"Last year, with the escalation of geopolitical tensions and the rapid growth of the AI industry, we witnessed an unprecedented transformation of the global market," Chey said. "What we need now is the courage to take action, even when faced with challenges."

Since the beginning of last year, SK Group has concentrated on comprehensive business restructuring, including streamlining its organization and enhancing operational efficiency. These initiatives have yielded measurable outcomes, such as reducing the group’s debt ratio from 145 percent at the close of 2023 to 128 percent by the end of last year's third quarter.

Chey stressed the importance of "intrinsic competitiveness" and the need to strengthen the company’s management foundation through prompt operational improvements. "This (intrinsic competitiveness) refers to the inherent and sustainable competitiveness we possess, which remains resilient against external changes."

The chairman further acknowledged that this process may be uncomfortable and difficult, as it requires the group to embrace internal change. However, he expressed confidence that with SK members' unique spirit of "boldness" and "collaborative effort," the company can reach its desired goals.

"If each member company creates new business opportunities together and delivers them to customers, we will gain a competitive advantage in securing leadership within the AI value chain."

At the end of his address, the chairman expressed his condolences regarding the Muan tragedy, offering heartfelt sympathies to the bereaved families.