South Korea's third largest conglomerate, SK Group, Sunday apologised for the arrest of its chairman and said it would change the way the organisation is run.
SK inaugurated a five-member "consultation panel" to lead the group after the arrest of Son Kil-Seung last week on charges of embezzlement and tax evasion.
"The panel will serve as the group's highest decision making body," the group said in a statement.
Panel members included SK Corp chairman Chey Tae-Won, SK Corp vice chairman Hwang Doo-Yul, SK Telecom vice chairman Cho Jung-Nam, SK Telecom president Pyo Moon-Soo and SK Corp. president Kim Chang-Geun.
The group has been controlled by Chey, 42, and his family since the group's founder died in 1997. But Son, 62 was praised as a role model for professional managers.
Son had led a campaign to protect the management of SK Corp., the country's largest oil refinery, in a fight with its largest foreign shareholder, Sovereign.
Sovereign, a Monaco-based investment fund which has a 14.99 percent stake in SK Corp. has been at the center of a growing debate over the role of foreign investors in South Korean companies and governance in general.

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