- Posting improved YoY performance in 2022, empowered by steady growth of rental subsidiaries
- Appointing CEO Ho Jeong Lee in shareholders’ meeting and BoD meeting
- “We will deliver greater value to shareholders by bolstering up key business lines and exploring future business opportunities”

SK networks convened the 70th ordinary shareholders’ meeting in Samil Building (in Jongro-gu, Seoul) on March 29 and resolved deliberation agendas including approval of financial statements, partial amendment of its articles of incorporation, and appointment of directors and audit committee members as proposed.

Despite the global economic slowdown and uncertainties in the business landscape last year, SK networks raked in 9 trillion 666.5 billion won in consolidated revenue and 154.2 billion won in operating income thanks to the steady performance of its rental subsidiaries (revenue: 12.3% down on YoY basis, operating income: 26.4% up on YoY basis). Fueled by strong short/long-term rental revenue and increase in gains on the selling of used cars, the car rental business maintained a steady growth compared with the previous year,

and SK magic also succeeded in posting 1 trillion won in revenue for three consecutive years thanks to consistent increase in rental accounts. In addition, a drastic improvement in sales by Walkerhill which suffered a setback in the midst of COVID-19 pandemic contributed to improving the consolidated revenue.

Furthermore, 2022 was a landmark year when SK networks put in high gear its transition toward a business-centric investment company, investing in a series of early-stage companies in the global market including the United States and enhancing a blockchain business partnership.

In terms of director appointments, General President Ho Jeong Lee was appointed director. General President Ho Jeong Lee was then appointed CEO in a board of directors meeting that followed the shareholders’ meeting. CEO Ho Jeong Lee is an expert well-versed in business strategy/investments who managed the business portfolio of SK Group at SK Inc. since 2017 after serving as president of SK pinx and director of the strategic planning office at SK networks. After returning to SK networks in 2021, he has spearheaded the future growth of the company, working as the director of the management support division and the new growth promotion division.

At the same time, vacancies in the board of directors were filled. As successor to Director Kim Hyeong-keun who moved to SK E&S, President & CFO Lee Seong-hyeong of SK Inc. was appointed non-executive director, and the vacancy left by Director Lee Cheon-se whose term of office expired was filled by appointing former CFO Chae Soo-il of Boston Consulting Group Asia-Pacific as an outside director. Director Chae Soo-il is also mandated to be seated on the audit committee.

In the shareholders’ meeting, SK networks also resolved on partial amendment of its articles of incorporation to permit the board of directors set a dividend base date different from the last date of applicable fiscal year in a bid to allow potential investors to buy shares as informed of dividend in advance, enjoying greater value as shareholders.

To accomplish new leap forward and growth with long-term perspective this year, SK networks defined enhancement of fundamental business competitiveness, acceleration of transition toward business-centric investment company model and greater market trust built on ESG management performance as key management initiatives, vowing to bolstering up its corporate value by delivering on such initiatives.

“We will upgrade market competitiveness across our business portfolio, supporting rental business as well as the growth of the EV charging platform-operating subsidiary SK electlink that has recently joined SK networks family” said an official at SK networks. “We will accelerate evolution toward a business-centric investment company model by investing in promising future growth opportunities and boosting up ESG performance across multiple dimensions in a bid to become a sustainable company.”

[Photo caption] SK networks convened the 70th ordinary shareholders’ meeting in Samil Building on March 29 and resolved on deliberation agendas including approval of financial statements, partial amendment of its articles of incorporation, and appointment of directors and audit committee members, etc. as proposed.