March 4, 2014 / 5:50 AM / in 4 years

SK Holdings Chairman steps down after 4-year jail term confirmed

SEOUL, March 4 (Reuters) - 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 directors.

Reporting by Joyce Lee; Editing by Kim Coghill

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