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

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.

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 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.

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.