SK Group Chairman Chey Tae-won ordered group CEOs to translate into action deep changes.
Chairman Chey set “putting into practice innovation” as its future management tenet at a group CEO meeting at the SKMS Research Institute in Icheon, Gyeonggi-do, on Oct. 14. The move is part of efforts to conduct soul-searching over past practices, in which innovation has so far ended up with hollow slogans, not actions.
Chey told CEOs and CEO-level executives to work hard in the field to the extent that they are determined not to return home unless any tangible outcome is seen from their overseas businesses. He stressed self-discipline, saying, “leaders need to focus on self-transcendence.
In a related development, SK Group has set in motion the revision of the group’s management philosophy, SK Management System (SKMS), to translate into action SK Group Chairman’s stress for endless innovation. A seminar for group CEOs took place on innovating and putting into practice ideas in earnest, a group official said on Oct. 16.
SKMS refers to the business’s management tenets, a kind constitution, group executives and staff members share.
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Chairman Chey meets withh Wang Yupu, Chairman of the Board of Directors of China’s largest national oil company Sinopec Corporation in Beijing on Sept. 8.(Photos: SK Group)
Chairman Chey Discussing Business Diversification with Sinopec
Chairman Chey Tae-won’s management strategy ‘China Insider’ is regaining its momentum.
SK innovation announced that Chairman Chey had a meeting with Wang Yupu, Chairman of the Board of Directors of China’s largest national oil company, Sinopec Corporation, in Beijing on Sept. 8, where they discussed measures to reinforce the business partnership between the two companies. Major executive officers of SK innovation also attended the meeting, including Kim Joon, CEO of SK energy, Kim Hyung-gun, CEO of SK global chemical, and Lee Gi-wha, CEO of SK lubricants. Besides Chairman Wang Yupu, General Manager Dai Houliang also attended the meeting.
It has been four years since Chairman Chey Tae-won met with former General Director Wang Tianpu in Beijing.
At that time, Chairman Chey and General Director Wang were able to conclude six years of talk on the establishment of an ethylene joint factory. After the settlement of the joint discussions, Sinopec and SK global chemical established a joint 3.3 trillion won ethylene factory (Sinopec-SK Petrochemical) in Wuhan, Hubei.
The factory has been producing around 2.5 million tons of petrochemical products a year since 2014.
The factory had a gain of 147.7 billion won in the first year of mass production and recorded 406.3 billion won of operating income. It became the representative success case of SK’s growth strategy “Global Partnering.”
At the meeting, Chairman Chey Tae-won showed his will to reinforce the partnership, “I hope the depth and width of partnership between the two companies deepened and widened through the success of Sinopec-SK Petrochemical.” Along these lines, management of the two companies shared opinions to expand the partnership into oil, lubricants and lube-base oil, as well as existing petrochemical business.
Also, Sinopec showed an interest in measures to cooperate in regard with SK innovation’s know-how on operation of oil/petrochemical factories and safety/environment technologies. While Chairman Chey Tae-won is accelerating with ‘China Insider’ strategy, SK innovation is actively enhancing its business in China.
Jeong Cheong-Gil, Vice Chairman of SK innovation, visited Sinopec-SK Petrochemical and Shanghai where its subsidiary SK global chemical is located in the early 2016 and promoted its management strategy ‘China-centered Global Growth’ and the progress of this strategy.
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