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SK Energy’s New CEO Koo Ja-Young Takes Office Contents
title SK Energy’s New CEO Koo Ja-Young Takes Office
attachment date 2009-03-16 count 12450
SK Energy’s New CEO Koo Ja-Young Takes Office
2009/03/16
SK Energy announced a leap forward to a leading global energy company

- CEO Koo presented new vision in his inauguration speech
- Emphasizes a responsive and nimble organization to become a top global player
- Will focus on expanding core competitiveness, developing future growth engines and improving business structure

“SK Energy sets sales to the future under new CEO Koo Ja-Young’s leadership.”

In an inauguration held at SK headquarters in Seoul on the 16th, new CEO of SK Energy Koo Ja-Young declared new vision for SK, stressing that the company would become a top energy firm in the world.

“Facing uncertainties, we cannot know what awaits us in the future,” said CEO Koo. “Under this circumstance, I know that I will be put under great pressure to further develop SK Energy and find its new growth engines. We should know that only a responsive and nimble organization will enable us to grow into a top energy firm in the world.”

Mr. Koo presented three top priorities to achieve the company’s future vision.

During his tenure, Koo will be committed to “expanding competitiveness of existing businesses; identifying future growth engines for new business models; and continuously improving business structure,” according to the new CEO.

With the new vision, SK Energy will be making all-out efforts to advance its core competitiveness by investing in catalyst and processing technologies, as well as develop high value added products and improve business models.

“We need to secure industry’s pioneering technologies such as low-cost crude oil processing and premium petrochemical product manufacturing technologies, and develop a wide range of lubricant products,” said Mr. Koo. “Only with competitive products, we can expand into the global market.”

He also emphasized the need to indentify new growth engines and diversify business by swiftly responding to changing business environments such as global competition over energy sources and the climate change. He called for continued commitment to shortening development time and improving implementation process to support green growth, which includes green coal, batteries for hybrid vehicles and biofuel.

Lastly, he revealed his strong commitment to growth by saying “SK Energy will be able to secure a growth opportunity faster than its competitors by turning less profitable businesses into lucrative ones through a more efficient business structure.”

Under Koo’s leadership, the top three priorities will be executed strongly with a sense of urgency, that is, improving responsiveness to changing environment and developing differentiated technologies are critical especially given the prolonged global economic slowdown.

Against this backdrop, SK Energy’s Company-in-Company (CIC) system is expected to gain more ground across the company. CIC was introduced last year to give more responsibilities and authority to its employees and to reinforce the company’s competitiveness for global growth.

“The global economy is facing the worst crisis since the WW II while the domestic economy is struggling with sluggish exports and weak demand,” said Koo of market conditions. “The only way out is that all of our SK people make concerted efforts to overcome the current crisis and build the foundation for future growth.”

Mr. Koo was appointed as CEO at a board of directors’ meeting held on the 13th. He earned Ph.D in engineering at U.C. Berkeley, and served as a technology advisor for Exxon Mobile Strategy Institute. He is widely known as a seasoned energy industry expert with knowledge and experience.

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