SK Group chairman’s eldest son to play key role at US unit PassKey

Chey In-geun, the eldest son of SK Group Chairman Chey Tae-won, has moved to the South Korean conglomerate’s major US business operations amid industry talk that he would assume a major role in SK’s energy business push in North America.

The 28-year-old son, in a recent personnel reshuffle, has been transferred to PassKey Inc., a US unit of SK E&S Co., the conglomerate’s natural gas business subsidiary.

As a manager, Chey In-geun will be tasked with the SK initiative to expand its energy-related businesses in North America.

Located in Hudson Yards, Manhattan, PassKey is the headquarters of SK Group’s North American external business affairs and is leading SK E&S’ energy businesses, including energy management and infrastructure construction, in the region.

The son, who joined SK Group’s strategic planning team in September 2020, has been assigned “energy solutions development” projects at PassKey since early this year.

Several SK Group’s senior executives concurrently hold major posts at PassKey.

Group Chairman Chey Tae-won is the chairman and chief investment officer at the US-based affiliate, in which SK E&S Vice Chairman Yu Jeong-joon is the chief executive.

Its chief financial officer is Park Jong-wook, currently vice president of the conglomerate’s battery maker SK On Co. Group Chairman Chey Tae-won’s younger brother and SK On’s Executive Vice Chairman Chey Jae-won also joined PassKey as an executive last May.

AGGRESSIVE M&As

SK Group, whose energy portfolio ranges from refineries, natural gas and batteries to renewable energy, has been widening its business scope to carbon capture, hydrogen and other renewable energy businesses.

In September 2021, SK E&S acquired Key Capture Energy LLC (KCE), a US operator of energy storage projects, as the Korean company aims to expand its presence in one of the world’s largest grid markets.

SK E&S, Korea’s top city gas supplier, has largely sought business opportunities in Asia, engaging in the liquefied natural gas business with Asian companies.

SK E&S said in 2021 that the company aims to turn into an eco-friendly enterprise with a corporate value of 35 trillion won ($30 billion) by 2025 with its business focus on four key sectors – hydrogen, renewable energy, energy solutions and eco-friendly LNG.

In March 2022, SK E&S, through its affiliate PassKey, acquired US electric vehicle charging service provider EverCharge Inc. to enhance its presence in the world’s third-largest EV market.

Write to Hyung-Kyu Kim and Mi-Sun Kang at khk@hankyung.com

In-Soo Nam edited this article.