SKT likely to carry out massive executive reshuffle ahead of non-telecom spinoff

[Photo by Lee Seung-hwan]

SK Telecom Co., South Korea's largest wireless carrier, is planning to implement a massive executive reshuffle late October ahead of its planned spinoff of non-telecom businesses in November.

SKT usually carries out executive reshuffle in early December, but this time it will advance the schedule to this month to support the smooth launch of new company SK Square, although SKT said the move is not officially determined.

According to industry sources on Friday, SKT plans to announce new executive appointments on Oct. 28 following the disclosure of new promotions on Oct. 22 and job performance results on Oct. 25. On Oct. 31, some 100 SKT employees are expected to leave the company to join the new ICT investment firm.

A disruptive structural change is expected in each department and team of SKT after the separation of SK Square on Nov. 1.

SKT’s current CEO Park Jung-ho will join SK Square as new CEO along with a dozen of SKT executives, potentially including Yoon Poong-young, head of Corp 1 Center, Song Jae-seung (head of business development group at Corp 2 Center), Kim Dong-hyun (strategy IR), Jung Jae-hyun (ICT advisory) and Choi So-jung (subscription media).

Yoon Poong-young together with Park was behind the successful acquisition of SK Hynix, e-commerce funding (11st) and the launch of broadcasting business (Wavve).

SK Holdings CEO Park Sung-ha is shortlisted as non-executive director for SK Square, while outside director candidates include Kang Ho-in, former Land, Infrastructure and Transport Minister, and Lee Sung-woo, a professor at Dong-A Law School.

After the spinoff, SKT will be led by Yoo Young-sang, head of SKT’s MNO business.

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