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Chey Jae-won (born May 16, 1963) is a South Korean business executive and the executive vice chairman of SK Group, South Korea's second-largest conglomerate.
Early Life and Education
editChey Jae-won holds an MBA from Harvard University, an M.S. in Materials Science and Engineering from Stanford University, and a B.S. in Physics from Brown University.
Career at SK Group
editChey Jae-won is the executive vice chairman of SK Group, which operates more than 175 subsidiaries across various sectors, including energy, life science, advanced materials, and semiconductors.[1] He has been instrumental in overseeing the group's strategic direction and expansion efforts.
Chey Jae-won has also served as the executive vice chairman of SK Innovation,[2] the intermediate holding company for the energy sector of SK Group. SK Innovation is the largest private energy company in the Asia-Pacific region and operates nine business subsidiaries[3]: SK On, SK Energy, SK Geocentric, SK Enmove, SK Incheon Petrocheical, SK Trading International, SK IE Technology, SK Earth On, and SK Entom. In his role at SK Innovation, Chey is responsible for overseeing the company's green energy initiatives and driving business transformation efforts.
Leadership at SK On
editBefore his appointment as the executive vice chairman of SK Innovation, Chey Jae-won served as the executive vice chairman and co-CEO of SK On, the electric vehicle (EV) battery division of SK Group.[4] In this role, he is responsible for shaping the company's global business strategy and has been instrumental in its international expansion. Under Chey's leadership, SK On has emerged as a significant player in the global EV battery industry.[5] The company's global market share increased from ninth place in 2019 to fifth place in 2020.[6] Since then, SK On has maintained its position as one of the top five battery manufacturers worldwide. Headquartered in Seoul, South Korea, SK On operates or is in the process of constructing battery manufacturing plants in the United States,[7] Europe,[8] and Asia. In October 2023, SK On was ranked first on Fortune's 2023 "Change the World" list for its contributions to promoting the adoption of EVs in the United States, a key initiative for reducing greenhouse gas emissions and combating climate change.[9]
Industry Engagements and Recognitions
editChey Jae-won has engaged with prominent figures in the automotive and political arenas to advance SK On's business interests. He has met with key figures such as the CEO of Mercedes-Benz Group[10] and has worked with U.S. political leaders, including Kentucky Governor Andy Beshear[11] and Michigan Governor Gretchen Whitmer[12] to support the growth of the battery business. Additionally, Chey was present at an SK Siltron event that marked U.S. President Joe Biden's first visit to a South Korean factory in the United States.[13] He was shortlisted as a finalist in the Visionary Leader category of the Reuters Events 2024 D.R.I.V.E Honours, which recognize innovation, commitment, impact, and leadership in the automotive industry.[14]
Personal Life
editChey Jae-won is the younger brother of Chey Tae-won, the chairman of SK Group.
References
edit- ^ "SK Group jumps to No. 2 in South Korea's largest corporate groups by assets". The Korea IT Times. April 28, 2022.
- ^ "Younger brother of SK chief Chey named head of SK Innovation". Korea JoongAng Daily. June 10, 2024.
- ^ "(2nd LD) SK Innovation-SK E&S merger set to create biggest private energy firm in Asia | Yonhap News Agency".
- ^ Global, K. E. D. "SK Vice Chair Chey Jae-won reinstated into leadership after eight-year hiatus". The Korea Economic Daily.
- ^ "While others struggle, battery maker SK On is starting to thrive". Korea JoongAng Daily. August 31, 2022.
- ^ Byung-wook, Kim (June 16, 2020). "SK Innovation ranks 5th in EV battery sales in April". The Korea Herald.
- ^ Tracy, Ben; Novak, Analisa (October 4, 2023). "EV battery manufacturing energizes southern communities in "Battery Belt" - CBS News". www.cbsnews.com.
- ^ "Hungarian Minister of Foreign Affairs and Trade visited SK Battery Hungary, emphasizing the importance of SK Innovation's investment in the country". June 16, 2021.
- ^ "SK On named No. 1 in Fortune's "Change the World" list". October 3, 2023.
- ^ "SK executive vice chairman discusses biz partnership with Mercedes CEO | Yonhap News Agency".
- ^ Hyeong-woo, Kan (December 6, 2022). "SK On, Ford break ground on largest EV battery plant in US". The Korea Herald.
- ^ https://www.michigan.gov/whitmer/news/press-releases/2024/03/08/whitmer-meets-president-of-south-korea-companies-during-asia-mission-to-bring-supply-chain
- ^ "Biden visits SK Siltron's plant in Michigan". The Korea Times. November 30, 2022.
- ^ https://events.reutersevents.com/automotive/DRIVE/2024-shortlist