SEOUL, March 4 SK Holdings Chairman
Chey Tae-won is stepping down from all directorships and
executive positions in SK affiliates, SK said on Tuesday.
South Korea's supreme court confirmed last week without
further chances of appeal Chey's four-year prison sentence for
embezzlement, in what is one of the longest confirmed prison
terms for a business leader in the country.
Chey had remained chairman and CEO of SK Holdings, oil
refiner SK Innovation Co Ltd and chip maker SK Hynix
Inc despite being jailed since January 2013.
SK said in a statement its units plan to expand the role of
outside directors to fill most of the directorships vacated by
Chey, and said decisions will be made by each unit's board of
(Reporting by Joyce Lee; Editing by Kim Coghill)