SK Group Chairman Chey Tae-won has been taking part in regular executive meetings of subsidiary SK Hynix, TheElec has learned.
Chey has been participating in the regular meetings, hosted by SK Hynix CEO Kwak Noh-jung, every other week since the start of the year, sources said.
During the meetings, the chairman participates as a listener while other executives discuss their agenda.
It is rare for a chairman of a South Korean chaebol, a large family-owned business group, to take part in regular meetings of a subsidiary.
Chey’s move reflects SK Hynix’s importance to SK Group, which also has other subsidiaries in different industry sectors such as petrochemicals and batteries.
Last year, memory chipmaker SK Hynix recorded 7.7 trillion won in operating loss due to the downturn in the global semiconductor market.
Earlier this month, Chey has asked all subsidiaries to reexamine their systems. SK Group has also been hosting its global strategy meeting every two weeks on Saturday, where CEOs of its top subsidiaries SK Telecom, SK Hynix, SK Innovation, and SK Holdings take part to discuss the business group’s future.
It is the first time since July 2000 that such meetings are taking part on a Saturday, which reflects Chey’s concerns.
