On December 13, the SK Telecom (www.sktelecom.com) Board of Directors convened and confirmed the promotions of President Jung-nam Cho to Vice-chairman and Vice-president Moon-soo Pyo to president.

A company spokesman explained the reason for the reshuffle at the top: "These personnel changes reflect an emphasis on combining the seasoned leadership of a veteran with the talents of a young rising star so that the company can better cope with the changing business environment."

The spokesman added that SK Telecom will carry out further personnel changes and reorganization. A formal announce of the new senior management team will be announced around the end of the week.