Kim Hyung-keun named as new head of SK ecoplant

Kim Hyung-keun

SK Group on Thursday carried out an unexpected reshuffle, replacing a subsidiary chief executive officer, causing a sense of tension ahead of next month’s expanded management meeting.

SK ecoplant named Kim Hyung-keun, finance head at SK E&S as its new president. Kim is expected to be appointed as CEO after obtaining approval from an interim shareholders’ meeting and the board of directors.

The personnel change aims to help SK ecoplant overcome internal and external uncertainties and successfully pursue its initial public offering (IPO) ambitions, according to the company.

Kim has previously served as CEO of SK airgas and head of portfolio management at SK Inc. He has played a crucial role in governance reform within SK Group, establishing a corporate value-based management system and transitioning SK to a holding company.

The appointment of a CEO in May rather than during the regular personnel change cycle is a rare occurrence at SK Group. Focus is now on whether there will be additional CEO changes at other subsidiaries.

Changes have been occurring since Chey Chang-won assumed the chairmanship of the SK Supex Council, the top decision-making body of the third-largest South Korean conglomerate, with weekend meetings and changes in the nomenclature of expanded management meetings, according to an industry official.

“With the restructuring of business structures and the overall seriousness of the group’s situation, the replacement of SK ecoplant CEO carries significant implications,” he said.

SK Group plans to rebrand its forthcoming expanded management meeting as a management strategy meeting. The meeting is expected to discuss strategies for portfolio adjustments among its subsidiaries and other pertinent issues.