SK chief vows management overhaul in 2024

SK Group Chairman Chey Tae-won speaks at a year-end press conference held at the Korea Chamber of Commerce and Industry headquarters in Seoul, Dec. 18, 2023. (Yonhap)

SK Group Chairman Chey Tae-won vowed in his New Year's message Monday to review and reorganize the management system of the nation's second-largest conglomerate to better handle challenges in 2024.

"A loose 'geomungo' (a six-string Korean zither) can only produce the right notes if the strings are untangled and re-tensioned,” Chey said in the message sent to all executives and staff of SK Group affiliates via email.

"Let's all review and refine our management system with the attitude of 'haehyeon-kyeongjang,'" he said, citing an old saying from China. The phrase, which means to mend the strings of a lyre, originated from Han Dynasty thinker Dong Zhongshu's recommendation to the emperor to emphasize change and reform.

"Last year was a challenging year with a more difficult business environment than expected, including the global economic downturn and the energy crisis," Chey said. "But I would like to express my sincere gratitude to all of you for not giving up in the face of such difficulties."

Amid a rapidly changing geopolitical environment, many countries around the world are struggling to solve problems such as energy and climate crises, digital challenges, disease, and poverty, regardless of their size and power.

If SK Group can provide solutions to such issues, it could earn greater trust on the global stage and create a "virtuous cycle of sustainable growth and coexistence," Chey said.

Explaining how SK Group is engaged in various businesses that can solve humanity's problems, such as green energy, artificial intelligence and biopharmaceuticals, the chairman raised hopes for the company to create the "total solution" to meet the demands of its clients.

Chey also vowed to create more channels for communication with employees in the new year to make up for the time in 2023 when he was mostly traveling abroad. Serving as the chairman of the Korea Chamber of Commerce and Industry, Chey spent much of 2023 traveling around the world to rally support for Busan's bid to host the World Expo 2030.

"Just as we need to spread our roots widely and deeply to become a big tree, let us use the challenges as an opportunity to prepare ourselves for growth," Chey added.

Kicking off the new year, Chey is expected to travel to the US next week to participate in CES 2024, one of the world's largest consumer appliances and tech shows set to take place in Las Vegas.

By Jo He-rim(herim@heraldcorp.com)