4th group’s eldest brother, Choi Tae-won, at the test of business leaders

Choi Tae-won, 61, chairman of SK Group, will be the first of the four groups to become chairman of the Korea Chamber of Commerce and Industry. Chairman Choi, who took over the SK Group in his late 30s and raised it to the third place in the business world, is the eldest of the four groups and takes office as the head of the nation’s largest economic organization. Recently, the business community is in conflict with the government and the ruling party over regulatory legislation, so it is noteworthy what voice Choi will make as a real representative of the business world.

The chairman of the Seoul Chamber of Commerce and Industry held a meeting at the Chamber of Commerce in Jung-gu, Seoul on the 1st, and elected Chairman Choi as the successor of current Chairman Park Yong-man. They will officially elect President Choi at the extraordinary general meeting of the Congress on the 23rd. According to custom, the president of the Seoul Award also serves as the president of the Korea Award. Chairman Park said, “(Chairman Choi) is a person who usually thinks about win-win, environment, and social values, so I think that he is an excellent candidate at the moment. In writing, Chairman Choi said, “Thank you for being elected (Chairman Sang). I will consider what I can do for the consultation and the national economy.”

Chairman Choi expects the business community to strengthen communication with the government as a’center point’ for companies. He has been the eldest of the four group heads last year, presiding over meetings with Lee Jae-yong (53), Vice Chairman of Samsung Electronics, Eui-sun Eui-sun (51), Chairman of Hyundai Motors, and CEO Gwang-mo Koo (43) of LG. The business community is hoping that Chairman Choi will serve as a bridge between business elders and businessmen in their 30s and 40s and hold the center.

A business official said, “Chairman Choi has a strong will to change the negative image of the business community and help the economy as a whole through the activities of the Korean Chamber of Commerce.” Chairman Choi has recently emphasized the social value of a company by promoting fundamental innovation (deep change) centering on social value creation, win-win growth, and market trust. Chairman Choi said in a lecture in Andong, Gyeongbuk last October, “It is true that our companies have had a great negative perception in the process of increasing their size and pursuing profits,” and “I will actively practice the new responsibilities and roles given to companies.”

In the past, the Federation of Korean Entrepreneurs was the largest economic organization, but after the crisis of Choi Soon-sil Gukjeong Nongdan, all four groups withdrew from the FKI. Currently, the Korean Chamber of Commerce is establishing itself as a practical communication channel between the business community and the government. However, 98% of the 180,000 member companies are medium-sized and small and medium-sized companies, so we cannot only consider the position of large companies in relation to various systems and laws.

A business official said, “The Chairman of the Korea Chamber of Commerce must agree with the opinions of various member companies with differing interests and speak to the government. I can.” Kim Yeon-hak, a visiting professor at Sogang University’s Graduate School of Technology Management, said, “Chairman Choi is also leading the management of ESG (Environmental, Social Responsibility, and Governance Improvement), a topic in the political and financial world. He said, “I will be able to get in good harmony with the government at the Korean conference.”

Chairman Choi attended the completion ceremony of the M16 semiconductor plant held at SK Hynix headquarters in Icheon, Gyeonggi-do on the 1st. It is the first factory in SK Hynix to introduce extreme ultraviolet (EUV) equipment. From the second half of this year, it is expected to produce 4th generation 10-nano (nm·1 nanometer is 1 billionth of a meter)-class DRAM. Chairman Choi said on the day, “I will return the rewards received from SK Hynix to SK Hynix members.” On the 28th of last month, after SK Hynix announced that it would set the amount of its excess profit distribution (PS) to 20% of its annual salary (400% of the basic salary), when employees’ complaints broke out on the company’s bulletin board, Chairman Choi started extensive reading.

Chairman Choi became the chairman of SK Group in September 1998. In 2003, it competed with Sovereign, a foreign asset management company, and succeeded in defending SK Group’s management rights after two years. It showed results in the conversion of the holding company system, improvement of governance structure, and diversification of business structure. In 2011, despite internal opposition, the acquisition of Hynix provided an opportunity for SK to rise to third place in the business world.

Reporter Kim Kyung-mi [email protected]