South Korea’s SK Group is ramping up its restructuring efforts with plans to sell off 80 trillion won ($60.8 billion) in assets by 2026. The move is aimed at shifting its focus toward artificial intelligence (AI) and energy, two areas the group sees as critical to its future growth. The restructuring comes as SK grapples with declining profits, which dropped 94% in 2023 due to its aggressive expansion strategy.
Under the leadership of Chairman Chey Tae-won, SK has already divested non-core businesses in a bid to streamline operations. The company is now prioritizing high-growth sectors like AI, where its chipmaker, SK Hynix, has gained a leading position in high-bandwidth memory, a technology essential for generative AI.
However, concerns remain about internal communication and job security, as recent layoffs and asset sales have fueled anxiety among employees. SK’s ability to integrate its AI and energy businesses while maintaining workforce morale will be key to the success of its transformation strategy.
