Early Life
Chey Tae-won was born on December 3, 1960, in Suwon, Gyeonggi Province, South Korea. He is the eldest son of Chey Jong-hyun, who was then the chairman of Sunkyung Group, now known as SK Group. Chey's early life was marked by his family's deep involvement in the business world, setting the stage for his future career. He attended Korea University, where he earned a bachelor's degree in physics. He later pursued doctoral studies in economics at the University of Chicago, though he did not complete the program.
Rise to Success
Chey Tae-won's career within SK Group began in the 1990s. After holding various executive positions, Chey became chairman of SK Group in 1998, following the death of his father. He was only 38 years old at the time. During his tenure, Chey has been instrumental in transforming SK Group into South Korea's second-largest conglomerate. A key move was the acquisition of Hynix Semiconductor (now SK Hynix) in 2011, which significantly boosted the group's presence in the semiconductor industry.
Key Business Strategies
Chey Tae-won's business strategies have focused on strategic investments and expansions into key sectors. He played a decisive role in expanding SK Group's business areas from oil refining and telecommunications to semiconductors and biotechnology through mergers and acquisitions. He has also emphasized creating social and economic value, including maximizing stakeholder happiness, which has earned him several accolades. Moreover, Chey has been keen on corporate restructuring to streamline the group's operations and focus on core competencies.
Philanthropy
While specific figures on his philanthropy are unavailable, Chey has been recognized for his commitment to social value creation. He has been a vocal proponent of corporate social responsibility and has shared SK's commitment to providing a measurable impact for all stakeholders. He has been involved in promoting Busan's bid to host the World Expo.