SK Vice Chairman Chey returns as co-CEO of SK's key battery unit

BRAND / 김승연 / 2021-12-17 10:34:52
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SK vice chairman-comeback
▲ This photo, provided by SK On Co. on Dec. 17, 2021, shows Chey Jae-won, new co-CEO of the battery-making unit under SK Group. (PHOTO NOT FOR SALE) (Yonhap)

SK vice chairman-comeback

SK Vice Chairman Chey returns as co-CEO of SK's key battery unit

SEOUL, Dec. 17 (Yonhap) -- Chey Jae-won, vice chairman of SK Group and brother of the conglomerate's Chairman Chey Tae-won, was named the co-CEO of the group's key battery-making unit, company officials said Friday, nearly eight years after he was convicted of embezzlement.

SK On Co., the new battery producer under South Korea's No. 3 conglomerate, approved Chey's appointment at its board and shareholders' meetings earlier in the day, according to company officials.

The company will be co-run by Chey and current CEO Ji Dong-seop. Chey will take charge of growth strategies and global network divisions, while Ji will lead the overall management, it said in a press release.

Chey served about three years in prison after the Supreme Court upheld the 3 1/2 year sentence in early 2014 for embezzling 46.5 billion won (US$39.2 million). He was released on parole in July 2016.

Chey was unable to return to business as a person convicted of embezzling 500 million won or more is banned from engaging in business activities for five years after serving out his or her sentence under Korean law.

Chey Tae-won was also convicted of colluding with his younger brother in the crime and given the same prison term, but he was released on a special presidential pardon in August 2015.

(END)

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