SK digitally revives legacy of late chair
SK Group announced Wednesday that it has completed a two-year digital archiving project to restore and preserve the legacy of the late Chairman Chey Jong-hyun, a pivotal figure in South Korea's economic development from the 1970s through the 1990s.
Dubbed the 'Sunkyong Chronicles,' the extensive archive includes 3,530 voice recordings of Chey and has been digitized for the first time, according to the SK Supex Council. The collection is expected to serve as a valuable resource for understanding the evolution of Korea's modern corporate and economic history.
SK said Chey frequently recorded company reports, internal discussions, employee conversations and key meetings. His comments and leadership philosophy, captured throughout the archive, underscore his efforts to shape SK's management direction and elevate corporate governance standards in Korea.
In a talk with new employees in 1982, Chey remarked, 'Even in a big country like the US, foreigners are hired for their talent. In a small country like Korea, forming factions based on region, school ties or social cliques is unacceptable.'
In a 1992 meeting with executives from SKC, he stated, 'A floppy disk sells for one dollar, but once you put software in it, its value increases 20-fold,' stressing the need for Korea to move beyond hardware and focus on high-value industries.
The archive also chronicles key moments in the formation of SK's unique management philosophy, the SK Management System (SKMS) — including decision-making processes, leadership interactions and dialogues with international business figures.
The restored archive comprises approximately 17,620 items, including 5,300 audio and video files, 3,500 documents and 4,800 photographs. Altogether, these amount to 131,647 individual units. The 3,530 audio tapes of Chey's recordings alone amount to over a year's worth of continuous listening at eight hours per day, the company said.
'The late chairman's management records are treasure troves reflecting the thoughts and struggles of entrepreneurs who drove Korea's economic growth,' said an SK official. 'The volume and age of the materials made the project particularly challenging, but new technologies enabled us to restore and preserve their quality.'
SK said it plans to use the digital archive to promote its core values and the SKMS philosophy across the group.
The project was launched in 2023, following the publication of the '70th Anniversary Quotes Collection' that same year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
2 days ago
- Korea Herald
SK's top brass convene for strategy meeting to review business overhaul
SK Group's top executives have gathered for a two-day business management strategy meeting to assess the group-wide business restructuring efforts and discuss long-term growth strategies amid rapidly changing market conditions. Around 30 CEOs from major SK affiliates — including SK Group Chair Chey Tae-won, SK Supex Council Chair Chey Chang-won and SK Innovation Executive Vice Chair Chey Jae-won — are anticipated to take part in the annual meeting, according to industry sources on Friday. The high-level session is one of the group's four key annual events alongside the Icheon Forum in August, the CEO Seminar in October and the Directors' Summit in November. Sources assume that the key theme is once again portfolio 'rebalancing' — a group-wide initiative that SK launched last year to optimize business operations, streamline overlapping units and improve financial soundness. The rebalancing initiative revolves around three key principles: selection and concentration, span of control and financial health. Over the past year, SK's affiliates have accelerated structural changes, which analysts say have already begun to enhance the group's fiscal stability. Discussions will likely also extend to future growth engines, including strategic investments in artificial intelligence, advanced semiconductors and national-level core industries. Another agenda item will be operational improvement — an internal drive to refine management fundamentals based on the group's signature SK Management System philosophy. Reinforcing these principles is seen as vital to sustaining growth in an increasingly volatile global business environment. Following a recent cybersecurity breach involving SK Telecom, executives may also exchange ideas on how to rebuild consumer trust and bolster information security. As the group navigates a post-pandemic world marked by geopolitical tensions and technological upheaval, this year's management strategy meeting is expected to serve not just as a strategic checkpoint, but also as a forum to reaffirm SK's long-term commitment to innovation, governance and sustainable growth. SK chief Chey Tae-won is set to participate in the group's annual meeting following his participation in a morning meeting with President Lee Jae-myung and heads of five major conglomerates and six business associations.
Korea Herald
6 days ago
- Korea Herald
Why won likely to stall above 1,300
Widening rate gap with US, trade tensions, weak fundamentals limit further gains The Korean won has been staging a sharp rally, reaching its strongest levels in seven months in June. However, further appreciation beyond the 1,300-per-dollar threshold appears limited as economic headwinds persist. Earlier this year, the won weakening past 1,400 per dollar was considered the 'new normal.' But the local currency has since gained ground, with its average exchange rate in May standing at 1,390.7 won per dollar, dipping below 1,400 for the first time since November. On Thursday, the won closed daytime trading at 1,358.4 per dollar — its strongest level since Oct. 14. The momentum continued in after-hours trading, with the currency quoted at 1,356.5 by the close. The local foreign exchange market was closed Friday in observance of a public holiday. The recent appreciation of the Korean won has been partly fueled by renewed interest from foreign investors in the stock market, who purchased local equities worth 2.2 trillion won ($1.6 billion) following President Lee Jae-myung's election victory on Tuesday. While some market observers expect the won to strengthen further against the greenback, forecasts generally cap gains in the low 1,300 range. For instance, KB Kookmin Bank projects the won could appreciate as much as 1,330 per dollar in June. In contrast, in September, the outlook was more optimistic, with market expectations of the won strengthening toward the 1,200 level — a return to 2022 conditions, when the annual average exchange rate stood at 1,292.2 won per dollar. Expectations for the won to break below 1,300 have since moderated, as structural challenges continue to weigh on the currency, despite the easing of depreciation pressure triggered by political uncertainty. 'While the won may appreciate further in the short term, gains will likely be capped,' said Wi Jae-hyun, an analyst at NH Futures. 'Supplementary budget measures, the resolution of political uncertainty, and a rate cut-driven recovery in domestic demand are expected to provide a floor for the Korean economy. However, uncertainties in exports, stemming from US President Donald Trump's tariff policies, continue to pose a significant headwind to a growth rebound.' Another key factor limiting further appreciation is the widening interest rate gap between Korea and the United States. Following the Bank of Korea's 0.25 percentage point rate cut in May, the key interest rate differential between Korea and the US widened from 1.75 to 2 percentage points. This gap is expected to grow further, as the US Federal Reserve has signaled a continued hawkish stance to curb inflation — in part due to Trump's tariff measures — while the BOK has leaned toward a more dovish approach to support domestic growth. The divergence in monetary policy increases capital outflow pressures from Korea, as investors typically shift toward higher-yielding assets. This outflow puts downward pressure on the won. Experts caution against expecting a major rally in the local currency. 'The current level of the won reflects the country's economic fundamentals. It would not be reasonable to expect a sharp appreciation when the local economy is forecast to remain weak,' an official from the Bank of Korea said. The official added that a weaker won can play a constructive role in an economic slowdown. 'In times of economic downturn, a softer currency can help boost exports and attract foreign investment in undervalued won-denominated assets. While actively depreciating the won to spur growth should be avoided, a weak currency does serve a purpose under such conditions.'
Korea Herald
7 days ago
- Korea Herald
Why Korean won's rally hits wall at 1,300
Widening rate gap with US, trade tensions, weak fundamentals limit further gains The Korean won has been staging a sharp rally, reaching its strongest levels in seven months in June. However, further appreciation beyond the 1,300-per-dollar threshold appears limited as economic headwinds persist. Earlier this year, the won weakening past 1,400 per dollar was considered the 'new normal.' But the local currency has since gained ground, with its average exchange rate in May standing at 1,390.7 won per dollar, dipping below 1,400 for the first time since November. On Thursday, the won closed daytime trading at 1,358.4 per dollar — its strongest level since Oct. 14. The momentum continued in after-hours trading, with the currency quoted at 1,356.5 by the close. The local foreign exchange market was closed Friday in observance of a public holiday. The recent appreciation of the Korean won has been partly fueled by renewed interest from foreign investors in the stock market, who purchased local equities worth 2.2 trillion won ($1.6 billion) following President Lee Jae-myung's election victory on Tuesday. While some market observers expect the won to strengthen further against the greenback, forecasts generally cap gains in the low 1,300 range. For instance, KB Kookmin Bank projects the won could appreciate as much as 1,330 per dollar in June. In contrast, in September, the outlook was more optimistic, with market expectations of the won strengthening toward the 1,200 level — a return to 2022 conditions, when the annual average exchange rate stood at 1,292.2 won per dollar. Expectations for the won to break below 1,300 have since moderated, as structural challenges continue to weigh on the currency, despite the easing of depreciation pressure triggered by political uncertainty. 'While the won may appreciate further in the short term, gains will likely be capped,' said Wi Jae-hyun, an analyst at NH Futures. 'Supplementary budget measures, the resolution of political uncertainty, and a rate cut-driven recovery in domestic demand are expected to provide a floor for the Korean economy. However, uncertainties in exports, stemming from US President Donald Trump's tariff policies, continue to pose a significant headwind to a growth rebound.' Another key factor limiting further appreciation is the widening interest rate gap between Korea and the United States. Following the Bank of Korea's 0.25 percentage point rate cut in May, the key interest rate differential between Korea and the US widened from 1.75 to 2 percentage points. This gap is expected to grow further, as the US Federal Reserve has signaled a continued hawkish stance to curb inflation — in part due to Trump's tariff measures — while the BOK has leaned toward a more dovish approach to support domestic growth. The divergence in monetary policy increases capital outflow pressures from Korea, as investors typically shift toward higher-yielding assets. This outflow puts downward pressure on the won. Experts caution against expecting a major rally in the local currency. 'The current level of the won reflects the country's economic fundamentals. It would not be reasonable to expect a sharp appreciation when the local economy is forecast to remain weak,' an official from the Bank of Korea said. The official added that a weaker won can play a constructive role in an economic slowdown. 'In times of economic downturn, a softer currency can help boost exports and attract foreign investment in undervalued won-denominated assets. While actively depreciating the won to spur growth should be avoided, a weak currency does serve a purpose under such conditions.' silverstar@
