SK Innovation Co. new Chief Executive Officer (CEO) Choo Hyeong-wook (L) and new Executive President Jang Yong-ho are seen in this photo provided by the company. (Yonhap)
SEOUL, May 28 (Korea Bizwire) — South Korea’s energy giant SK Innovation Co. said Wednesday that its President Choo Hyeong-wook has been appointed the new chief executive officer (CEO) as part of a leadership reshuffle.
Choo, 51, will succeed Park Sang-kyu, who has offered to resign from the post citing personal reasons, according to SK Innovation.
Following last year’s merger with SK E&S Co., Choo will now lead the country’s largest energy company, managing a broad portfolio that includes oil refining, liquefied natural gas (LNG) and renewable energy businesses.
SK Inc. CEO Jang Yong-ho will take on the role of executive president, overseeing SK Innovation’s affiliates, including battery maker SK On Co.
SK Innovation said the leadership change is aimed at stabilizing the organization and strengthening its business strategies.
The reshuffle came after the company posted a net loss of 125.6 billion won (US$88.4 million) for the first quarter, widening from 7.6 billion won a year earlier, amid falling oil prices and declining refining margins.
(Yonhap)
