SK Group Chairman Chey Tae-won, front row center, pays his respects at a memorial altar in front of Seoul City Hall, Wednesday, for the victims of the Jeju Air plane crash at Muan International Airport, Sunday.

Leaders of major conglomerates kept their New Year's speeches subdued, reflecting the national mourning following last week's deadly plane crash.

Only a few business tycoons delivered their regular speeches marking the arrival of 2025, taking a toned-down approach, while also expressing condolences to the victims of the tragic Jeju Air crash on Sunday, which claimed 179 lives.

SK Group Chairman Chey Tae-won included a message of condolences in his New Year's address.

"I want to express deep condolences to the victims of the accident and their bereaved family members," Chey said in an email addressed to employees, Wednesday.

Korea declared a weeklong mourning period until Saturday to express sympathy for the victims of the worst-ever passenger jet crash in the country's history.

Adding to the message of condolences, Chey also encouraged staff to have more courage against escalating geopolitical risks and rapidly changing market circumstances.

"Last year, the geopolitical risks escalated, and we encountered an upheaval in the global market with the rise of artificial intelligence (AI)," Chey said. "We need the courage to take action even in the face of difficulties."

Hyundai Motor Group Executive Chair Chung Euisun was also supposed to hold an annual event to celebrate the New Year on Friday, but delayed the schedule to Jan. 6 in line with the national mourning period.

Hyundai Motor Group Executive Chair Chung Euisun delivers a speech at Kia's AutoLand Gwangmyeong manufacturing facility, southwest of Seoul, Jan. 3, 2024. Yonhap

This is the first time that the group postponed the event due to external factors. Three victims of the plane crash were employees of Kia, one of the group's two key auto affiliates along with Hyundai Motor.

Chung is expected to express his condolences on the latest accident during his speech next week.

Leaders from other major conglomerates also kept a more subdued tone in their New Year's addresses.

Doosan Group Chairman Park Jeong-won urged executives and employees to brace for growing market uncertainties.

"Our mainstream management policy is to maintain stability, as the management environment will be exposed to bigger uncertainties this year," Park said. He predicted that the market would remain in a state of unpredictability, instability and uncertainty for a considerable amount of time.

Other conglomerate leaders also maintained a low profile in their New Year's address in reflection of the somber mood nationwide.

GS Retail decided not to make public the address of its new CEO Hur Suh-hong. The fourth-generation heir was appointed to the top post during the firm's end-of-year reshuffle of top management. While the company issued a New Year's address early last year, it opted not to do so this year, likely in respect of the national mourning period.

All eyes are also on whether Samsung Electronics Executive Chairman Lee Jae-yong will make his first-ever New Year's speech after rising to the chairmanship in 2022.

It is likely that Lee will deliver a New Year's address for the first time to boost employees' morale at a critical time when the chipmaker has to engage in tighter competition for the market of high bandwidth memory chips amid surging demand for semiconductors for AI services and their servers.