SK Group Chairman Warns of Sudden Death Risk, Calls for Swift Action to Address Global Challenges
In a recent CEO seminar held in Paris, France, SK Group Chairman Chey Tae-won reiterated the risk of a sudden death scenario if the conglomerate fails to swiftly adapt to rapid changes in the internal and external environment. The seminar, attended by around 30 CEOs, focused on the pressing need for comprehensive change to tackle various global challenges.
Chey emphasized the importance of embracing definitive change in order to survive in today’s dynamic business landscape. He first mentioned the concept of sudden death during a previous C-level meeting in 2016 when SK Group was confronted with external factors like Brexit. This year, he identified geopolitical issues stemming from the U.S.-China conflict, accelerated advancements in technologies such as AI, and the growing uncertainties surrounding global fiscal policy as the key challenges faced by Korean businesses.
To overcome these challenges, Chey stressed the significance of global cooperation. During the seminar, SK CEOs reached a consensus on the establishment of a comprehensive global organization, such as SK China, which was created in 2010 to oversee multiple Chinese businesses affiliated with SK Group. The aim is to enhance collaboration and efficiency in a highly competitive international landscape.
One of the major global issues highlighted by Cho Dae-sik, chairman of SK Supex Council, was the intense competition between major countries. He urged SK Group to follow the success formula of the United States in creating a thriving global business. The CEO seminar, held in Paris for the first time since 2009, focused on global management and provided a platform for leaders to review the company’s performance in the past year and draft strategies for the future.
Moreover, during their stay in Paris, Chairman Chey and his partner Kim Hee-young made their first official appearance together at a gala dinner called One Planet, Building Bridges To A Better Future at the renowned Louis Vuitton Foundation. The seminar’s location was chosen to accommodate the CEOs’ existing schedules in Europe and Africa as they promote the Busan expo.
In conclusion, SK Group Chairman Chey Tae-won underscored the urgent need for swift action to address the evolving global challenges faced by Korean businesses. The seminar in Paris served as a platform for SK leaders to strategize and collaborate in order to thrive in a competitive and rapidly changing environment. By embracing definitive change and fostering global cooperation, SK Group aims to overcome obstacles and establish successful global businesses, taking inspiration from proven models like the United States.