SK Group CEOs vowed to change business structure and seek better work efficiency with various measures to boost growth, the company said Friday. 

At a three-day CEO seminar held from Wednesday under the theme of “Changes and Challenges for Sustainable Happiness,” 40 executive board members and CEOs, including SK Group Chairman Chey Tae-won, acknowledged the necessity to change the business structure.

The specific approaches include carrying out aggressive mergers and acquisitions and expanding overseas business and securing new technology such as the “Internet of Things” or artificial intelligence, it said.

“Leaders must be able to see themselves objectively. They can only succeed by having the ability to map out the path for fundamental innovation upon passion and self-sacrifice,” Chey said.

They also vowed to seek “resource pooling” among companies to efficiently utilize the resources, and to flexibly change the companies’ working conditions based on characteristics of their work and human resources.

Earlier in June, Chairman Chey has ordered his executives to come up with innovative measures citing how a company that refuses to change can suffer “sudden death,” calling for detailed plans by reviewing the conglomerate’s business models and elevating asset utilization.

By Lee Hyun-jeong (rene@heraldcorp.com)