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“SK Group Chairman Choi Tae-won Marks 25 Years of Transformative Leadership”
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입력 : 2023.09.06 13:50
ㅣ 수정 : 2023.09.06 13:50
From Crisis Management to Global Innovation, Choi Tae-won's SK Group Journey
SEOUL (News2day) = Chairman Choi Tae-won, 63, celebrated his 25th year at the helm of SK Group, a conglomerate that has thrived under his transformative leadership. Choi took over as chairman at the age of 38 in 1998, amid the tumultuous backdrop of the Asian financial crisis and IMF intervention.
However, true to his resilient DNA, Chairman Choi steered SK Group with a philosophy of "Deep Change," propelling the conglomerate to new heights. Thanks to his leadership, SK Group overtook Hyundai Motor Group last year, ending their 17-year reign as the second-largest business group in South Korea.
But Chairman Choi's influence extends beyond SK Group. As the youngest sibling in the business world, he now stands as the eldest, serving as the Chairman of the Federation of Korean Industries and leading the charge as the frontman for the bid to host the 2030 Busan World Expo, making significant contributions to the nation's economy and business landscape.
Innovative Transformation Led by "BBC" Business
When Chairman Choi assumed leadership on September 1, 1998, SK Group's assets were valued at 32.8 trillion won, ranking fifth in the industry. However, under his guidance, SK Group steadily climbed the ranks, securing the second spot last year with assets totaling 327.3 trillion won (as of May 2022), marking nearly a tenfold increase.
At the core of SK Group's growth lies the innovative transformation centered around the "BBC" businesses—Battery, Bio, and Chip. In 2021, SK Group made headlines by acquiring semiconductor manufacturer Hynix (formerly Hyundai Electronics) for 3.4 trillion won, rebranding it as "SK Hynix." Despite initial opposition within the group, Chairman Choi's conviction prevailed, and the acquisition proved pivotal.
SK Hynix faced challenges initially, posting a 220 billion won operating loss in its first year under SK Group. However, by 2013, it achieved an operating profit of 3.3 trillion won, and in the record-breaking year of 2018, it reached an operating profit of 20.8 trillion won, growing more than sixfold in just five years.
Despite recent setbacks due to industry challenges, SK Hynix remains resilient and is eyeing future growth in the high-performance, high-capacity DRAM sector, with its "HBM" (High Bandwidth Memory) technology boasting a 50% global market share, promising a new avenue for success.
Bolstering the Bio Sector
The bio sector at SK Group traces its roots back to Chairman Choi's father, the late Chairman Choi Jong-hyun, who aimed to develop life-saving medications under the SK brand. Chairman Choi has further refined this vision by establishing bio-related companies such as SK Biopharmaceuticals, SK Bioscience, SK Plasma, and SK Pharmteco.
These four companies collectively saw their revenue surge from 953.2 billion won in 2019 to 2.4 trillion won in 2021, achieving the highest growth rate within the group, second only to semiconductors and batteries. Chairman Choi continues to invest in expanding SK Biopharmaceuticals' new drug pipeline by establishing the "Innovation Drug TFT (Task Force Team)" in collaboration with SK Holdings, demonstrating his commitment to the bio sector's growth.
Empowering the Battery Business
Chairman Choi initiated the "Golden Egg" battery business, with SK On leading the charge. Despite being in its early stages, SK On has achieved remarkable revenue growth. In the first half of this year alone, its revenue soared to 7 trillion won, a 174.0% increase from the previous year.
SK On plans to invest over 6 trillion won domestically, including the expansion of its third plant in Chungnam Province with an investment of 1.5 trillion won. By 2028, its total production capacity is expected to reach 14 gigawatt-hours (GWh), making it capable of supplying batteries to approximately 280,000 electric vehicles annually. This achievement brings Chairman Choi one step closer to his goal of having "every car run on SK batteries."
Championing the Busan World Expo Bid
Chairman Choi's dedication extends beyond the business world. As the Chairman of the Federation of Korean Industries, he has played an active role in revitalizing the organization and bolstering its role in economic cooperation. His leadership has stood out, even surpassing his role as SK Chairman in public perception.
Chairman Choi has devoted substantial efforts to secure the 2030 Busan World Expo bid. He passionately states, "This is the moment; we cannot afford to miss it," as he tirelessly promotes Busan as the host city. His extensive global travels and tireless advocacy for the Expo have garnered attention and support.
Despite facing challenges, including the controversy surrounding the "2023 New Songdo 25th World Scout Jamboree," Chairman Choi remains unwavering in his commitment to the Busan World Expo bid. The platform "Wave," established by the Federation of Korean Industries for this purpose, is actively facilitating discussions on global issues, providing solutions to address the challenges facing humanity.
In closing, a business insider remarked, "Amid a global economic downturn affecting SK Group's key businesses, there are high expectations for Chairman Choi as a resilient player in times of crisis. His demonstrated crisis management and drive to overcome challenges could lead SK to emerge from its current difficulties and create opportunities for a new leap forward when economic stability is restored."
Chairman Choi's successful conclusion of the Busan World Expo bid, despite recent setbacks, could be a pivotal moment for reevaluating his leadership once again.
By Soyeong Jeon / jsy@news2day.co.kr
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