SK On Vice Chair Chey Jae-won sees greater growth potential in 2024

New Chief Executive Lee Seok-hee, formerly SK Hynix CEO, has vowed to strengthen SK On’s R&D capabilities

SK On Executive Senior Vice Chairman Chey Jae-won (far right), CEO Lee Seok-hee (far left), and employees at the company's SK On Recognition award ceremony on Dec. 14, 2023
SK On Executive Senior Vice Chairman Chey Jae-won (far right), CEO Lee Seok-hee (far left), and employees at the company's SK On Recognition award ceremony on Dec. 14, 2023
Sungsu Bae 1
2023-12-14 20:18:18 baebae@hankyung.com
Leadership & Management

Chey Jae-won, executive senior vice chairman of SK On Co., a leading South Korean battery maker, said on Thursday he expects the company’s growth potential to steadily increase over the years, based on its accomplishments so far.

The younger brother of SK Group Chairman Chey Tae-won said at a company event that SK On will test its growth potential next year, built on what it has achieved since it broke away from parent SK Innovation Co. as a separate battery unit.

“SK On has made a quantum leap in its history in the making. Still, it has a long way to go and much to be done,” he said at SK On Recognition, a biannual event to celebrate employee contributions to company growth.

Chey Jae-won, SK On's executive senior vice chairman
Chey Jae-won, SK On's executive senior vice chairman

The event was attended by Chief Executive Lee Seok-hee, who was transferred from his post as CEO of SK Hynix Inc., the world’s No. 2 memory chipmaker, in a recent group executive reshuffle, Chief Administrative Officer Choi Young-chan, and some 200 SK On employees.

At the event, the new SK On CEO pledged to strengthen the company's research and development capabilities.

SK headquarters in Seoul
SK headquarters in Seoul

SK ON BUILDERS

The battery maker holds the SK On Recognition event twice a year to boost pride and motivation among employees by recognizing major contributors to its growth.

The December awardees included those who significantly improved production yields at SK Battery America (SKBA), the company’s US affiliate; employees who helped create a US joint venture with Hyundai Motor Group; a team that built SKONA, an employee capability nurturing program; and employees who contributed to the selection of SK On by US magazine Fortune as one of the world’s top innovative companies.

SK On showcases its EV battery at CES 2023 in Las Vegas
SK On showcases its EV battery at CES 2023 in Las Vegas

In September, Fortune named SK On, Tesla, General Motors and Charge Point as leaders of the US’ electrification push and ranked them first among innovative companies changing the world.

Chey Jae-won returned to the conglomerate’s leadership in 2021 after an eight-year hiatus.

Write to Sungsu Bae at baebae@hankyung.com

In-Soo Nam edited this article.

Generational shift in SK leadership with chairman’s cousin on front line

Generational shift in SK leadership with chairman’s cousin on front line

Chey Chang-won, the new SK SUPEX chairman SK Group is setting out for a new era, tapping younger leaders in their 40s and 50s to lead South Korea’s second-largest group in its mission to take on new growth engines under new plans set out by SK Chairman Chey Tae-won’s cousin, Chey Ch

SK On signs deal to supply NCM battery cells to Sweden’s Polestar 5 EV

SK On signs deal to supply NCM battery cells to Sweden’s Polestar 5 EV

The prototype of the Polestar 5 EV due out in 2025 (Courtesy of SK On) SK On Co., the battery-making affiliate of South Korea’s SK Group, has signed a deal to supply nickel-cobalt-manganese (NCM) battery cell modules to Sweden’s Polestar for its upcoming Polestar 5 electric vehicles

SK On to spend $352 million to mass produce solid-state batteries by 2028

SK On to spend $352 million to mass produce solid-state batteries by 2028

SK On President Jee Dong-seob (fifth from left) poses for a photo after signing a battery investment deal with Daejeon Sejong Research Institute South Korean battery maker SK On Co. said on Monday it will spend 470 billion won ($352 million) to begin mass production in 2028 of solid-state batte

(* comment hide *}