SK Telecom CEO and president Park Jung-ho has been promoted to vice chairman in SK Group’s annual reshuffle.
Park will also become vice chairman of SK Hynix, the chip making subsidiary of SK Telecom. He will step down as chairman of the board at SK Hynix.
Park joined SK Group in 1989 and was previously SK Telecom’s regional manager in New York. He was worked at SK Group’s corporate relations team and investment arm.
He is considered a close aide to SK Group chairman Chey Tae-won and an expert in mergers and acquisitions.
SK Hynix said it expects the nomination of Park as its vice chairman to help create synergy between the semiconductor and telco businesses.
The move is largely seen as preparation to turn SK Telecom into intermediate holding company. SK Group is expect to split the telco to have it control most of its subsidiaries in new businesses.
Meanwhile, other subsidiaries of SK Group retained their CEOs in the reshuffle. Yu Jeong-Joon, CEO of SK E&S, like Park was promoted to vice chairman.