SEOUL, Korea-Four senior directors of SK Telecom have tendered their resignations, according to several reports.
Chey Tae-won, the company’s controlling shareholder and nephew of the founder, and Son Kil-seung, chairman, who were convicted last year on charges related to accounting fraud were among the directors to offer resignations. Pyo Moon-soo, president, and Chey Jae-won, brother of Tae-won, also offered resignations. The board will decide whether to accept the resignations at its March 12 annual shareholders meeting, according to the reports.
“The resignations will clear worries about opaque management, which has depressed the company’s share price,” Yang Jong-in, analyst at Dongwon Securities, told the Financial Times. “It will also boost SK Telecom’s bottom line by strengthening the independence of the company and reducing transactions with affiliates.”
Shares of SK Telecom were up on the news.