Seoul, Korea, 19 December, 2008 – SK Telecom made official announcements today that Man Won Jung, the CEO of SK Networks, will assume the position of CEO of SK Telecom on January 1, 2009. In the meantime, SK Telecom’s current CEO, Shin Bae Kim will be promoted to become the Vice Chairman of SK C&C. He will hold the CEO position until the Annual Shareholders’ Meeting in March 2009.

SK Telecom’s new head, Man Won Jung joined the Corporate Planning Office of SK in 1994. He was credited with the successful implementation of the OK Cashbag business while working as the head of Customer Business Development Division of SK Corporation (Previously named Yukong Ltd.). CEO-designate Jung led SK Telecom’s Mobile Internet Business Division as vice president for two years starting from December 2000. Moreover he served as the CEO of SK Networks since September 2003, successfully normalizing the company within a short period of time.

SK Telecom said that Man Won Jung, the CEO-designate of SK Telecom, will officially assume the role of President and CEO through the Annual Shareholders’ Meeting and Board of Directors’ Meeting, which are scheduled for March 2009.

Meanwhile, the current CEO of SK Telecom, Shin Bae Kim, who served for five years since March 2004, the longest term in office, was the first in the mobile telecommunications industry to achieve revenue of KRW 12 trillion. In 2006, he made decisions to acquire a stake in China Unicom, the second largest mobile operator in China, thereby securing a solid foothold to make inroads into the China market. In February 2008, he acquired SK Broadband (Formerly named Hanaro Telecom), finally realizing SK Telecom’s long-standing desire to enter the fixed and mobile convergence market. CEO Kim was highly received for securing a basis for SK Telecom’s global operation as well as solidifying the company’s market leadership in Korea. Furthermore under his leadership, SK Telecom grew to become a world-class innovative company through ’System Management’.

The formal designation of other executives of SK Telecom also took place on the same day.