Chey is chairman of the South Korean group SK Corporation, the country's third largest conglomerate, with affiliates in Energy, Telecom, chemicals, and other sectors. He attended the University of Chicago as an undergraduate and met his wife there, the daughter of former South Korean President, Roh Tae-woo. The Chey family has deep ties with the University of Chicago as Chey's Father, the founder of the group, as well as his wife and eldest daughter all attended. He is married, has three children, and was incarcerated near Seoul until his pardon in August 2015. They have been separated since September 2011. In December 2015 he announced his intention to divorce.