SK Broadband names SK Shieldus' ex-CEO Park its new chief

South Korea’s internet service provider SK Broadband Co. said on Friday it has tapped Park Jin-hyo, former chief executive at security affiliate SK Shieldus Co., as its new CEO.

SK Broadband will officially name Park its new leader once it receives approval from the shareholder meeting and the board of directors in late August. 

Park is a tech expert with more than 25 years of experience. He joined SK Telecom in 1997 where he served as an information and communication technology center’s head with a focus on long-term evolution and fifth-generation technology for broadband cellular networks.

In 2020 he became the CEO of SK Shieldus Co., the security services firm that was sold to Swedish private equity giant EQT Partners AB this past February.

Ryu Young-sang, the current CEO of SK Broadband and its parent SK Telecom Co., Korea's top mobile carrier, will stay in the position of SK Telecom head. He became chief of SK Telecom in November 2021 and has held the same position at SK Broadband since January of this year to boost business synergies at both firms through integrated leadership.

The appointment was made by SK Group, Korea's No. 3 conglomerate, according to sources familiar with the matter.

Under the new leadership, SK Broadband will bolster its competitiveness as well as cooperation with its parent company, industry sources said.

SK Broadband’s profitability is at a standstil. Its major business, video on demand (VOD) services that provide TV shows and movies to its internet protocol television users, has slowed amid the burgeoning popularity of over-the-top media like Netflix.

The company posted 76.1 billion won ($59.3 million) in operating profit for the first quarter of this year, up 0.1% on-year.

Write to Ji-Eun Jeong and Han-Gyeol Seon at jeong@hankyung.com
Jihyun Kim edited this article.