Implementation First
SK Innovation Vice Chairman Chung Chul-khil set forth “structural reform” as the company’s key business goal for 2016 during a high-level gathering of its the company and its five affiliates.
Chung said, “To actualize our goal to reach a market valuation of more than 30 trillion won (US$25 billion) and become a global leader in the energy and chemicals sector by 2018, SK Innovation cannot settle for an operational profit of 1 to 2 trillion won (US$833.19 million to 1.67 billion). We must develop into a company able to post continued earnings of between 3 to 5 trillion won (US$25 to 4.17 billion) every year. In order to do so, a major reform of our business structure is highly essential.”
He added, “Let’s set up an elevated goal and dream and change the frame of ways of approaching and doing in order to achieve these.”
In this regard, SK Innovation is planning to put various structural reform plans into practice, such as global partnerships, potential mergers and acquisitions and portfolio adjustments, to boost its oil, chemicals, lubricants, petrochemicals research and electronics material business.