SK networks' Shin-Won Choi resigns

SK networks' Shin-Won Choi resigns

01 November 2021 | Natalie Bannerman

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Shin-Won Choi, CEO and chairman of SK networks has resigned from his positions.

In an official statement on November 1 2021, the company confirmed that Shin-Won Choi, CEO & Chairman of SK networks, resigned from all his positions in SK networks as of October 29 2021. As a result, SK Networks now has Park Sang-gyu is the sole CEO, as opposed to joint CEO with Choi.

"With the board of directors and president at the centre, we will carry on making our utmost efforts to stabilise the management and ensure sustainable growth in the future," said an SK networks executive.

According to reports, the news comes amid an ongoing trial against Choi over embezzlement charges. Specifically, six months ago Choi, son of the late founder of SK Group, was indicted, and has been standing trial for allegedly embezzling approximately 223.5 billion won ($190.3 million) and breach of trust as well as other charges.

He is accused of misappropriating the funds in six companies including SK Networks in the name of promoting private golf course business, fraudulent salaries such as family and relatives, hotel villa living expenses, personal capital increase payment, and financial support for insolvent affiliates.

Choi maintained his innocence and denied any wrongdoings.

In related news, SK Telecom, the sister company to SK networks and subsidiary of SK Group, confirmed in June that it is splitting into two companies, with an technology investment unit to be spun off in November.