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SK Telecom names new CEO following non-telecom spinoff

Nov 03, 2021

Seoul (South Korea), November 3: SK Telecom Co. on Monday named the former head of its mobile network operations division Ryu Young-sang as its new CEO following the launch of its non-telecom spinoff SK Square.
Ryu has been working for SK Telecom since 2000 and is known for his expertise in mergers and acquisitions, as well as finding new business sectors, the company said.
On Monday, South Korea's largest mobile carrier split into two, spinning off the new investment company SK Square, in the latest move to make aggressive investments in new tech and semiconductor businesses.
The surviving SK Telecom, led by Ryu, will focus on its traditional telecom business while advancing into new businesses, including metaverse platforms.
Under the new CEO's leadership, the firm said it aims to become a leading company in AI and digital infrastructure, and provide "new value" to its customers.
Former SK Telecom CEO Park Jung-ho will lead SQ Square, overseeing 16 of SK Telecom's existing non-telecom and tech units, including chipmaking affiliate SK hynix Inc., app market operator ONE Store, e-commerce platform 11Street and T Map Mobility.
Source: Yonhap