Chey Tae-won, the chief of Korea's No. 3 conglomerate SK Group, is accelerating his move to tighten his grip on group management after he was named a new board member for SK, the group's holding firm, last week, industry sources said Monday.

Chey's appointment was approved by its shareholders, heralding his comeback after a two-year hiatus.


Chey also took the title of chief executive officer for the company, indicating that the business mogul will come to the forefront of group management.

In 2014, the group chief stepped down from all key posts at the group's affiliates as he was convicted on charges of spending corporate funds for personal use. He was sentenced to four years in prison but was released with a special pardon last year.

According to the sources, Chey will join the SUPEX Council, the group's top decision-making body comprised of chiefs of each affiliate, to discuss key management issues.

Chey is also set to attend a regional economic forum to be hosted by China this week. During the Boao Forum for Asia to be held on China's tropical island of Hainan from March 22-25, Chey will meet key political and business leaders.

SK Group operates businesses in the telecommunications, chemical, tech and other sectors, taking third place behind Samsung and Hyundai Motor. (Yonhap)