SK Group chairman Chey Tae-won
SEOUL: SK Group chairman Chey Tae-won has called on chiefs of the group’s affiliates to set up organic responses, based on case-by-case scenarios, to various management uncertainties and opportunities, South Korea’s second-largest business conglomerate says.
“We are now living in a global transition period where it is difficult to survive with the management approaches that we took in the past,” Chey said in a keynote speech at the 2023 Extended Management Meeting in Seoul.
“We need to upgrade our scenario planning management to respond to unexpected crisis variables, such as the tug of war between the United States and China and a global economic downturn, as well as opportunity factors that can be called ‘black swans’,” the chairman said.
This idea came as Chey saw the need for the group to enhance its company-wide systems and employee capabilities to respond immediately to various situations.
He urged the group to prepare a management system that enables them to overhaul the organisation, assets, capital expenditure and operating costs swiftly and flexibly in line with various scenarios that may arise in the future, centering on the group’s “financial story”.
The “financial story” is a business strategy created by Chey to raise company values for SK affiliates to provide customers, investors and the market with their growth strategies and future visions, according to SK officials.
The chairman called for the rearranging of existing strategies, citing the fast-changing market.
“The global market has become a place where separate variables need to be considered simultaneously,” Chey said. — The Korea Herald/ANN
