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SK Telecom CEO to double as SK hynix vice chairman

All News 15:04 December 03, 2020

SEOUL, Dec. 3 (Yonhap) -- South Korea's top mobile carrier SK Telecom Co.'s CEO Park Jung-ho was appointed as the vice chairman of its chipmaking affiliate SK hynix Inc., SK Group said Thursday, in a move to boost the companies' efforts in new tech businesses.

SK Group, the country's third-largest conglomerate, announced the new appointment for next year after a meeting by the group's top decision-making body as the mobile carrier enters new tech businesses, including artificial intelligence (AI) chips.

"We expect synergy between ICT expert Park Jung-ho and semiconductor expert and SK hynix CEO Lee Seok-hee," the group said in a statement.

This file photo provided by SK Telecom Co. on Oct. 27, 2020, shows the company's CEO Park Jung-ho. (PHOTO NOT FOR SALE) (Yonhap)

SK Telecom, South Korea's largest wireless provider, has recently boosted efforts in new businesses, unveiling an AI chip for use in data centers last month.

The company has said it will also work closely with SK hynix in memory-related technology.

The latest announcement came as SK Telecom is mulling a transition into a holding company, which would allow its affiliate SK hynix to actively pursue mergers and acquisitions, currently limited by local law.

Under South Korea's fair trade law, sub-subsidiaries are only allowed to wholly own other companies, limiting SK hynix, a sub-subsidiary of SK Group's holding company SK Holdings Co.

The holding company has a 26.78 percent stake in SK Telecom, which in turn owns a 20 percent share in the memory chip giant.

SK Telecom is currently pursuing initial public offerings for its tech subsidiaries, including its new mobility spinoff T map Mobility Co., security firm ADT Caps Co. and app market operator ONE Store.


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