KB News Desk
Conglomerate also names new chief executives for five affiliates, including Hanwha Aerospace and Hanwha Systems.
Hanwha Group on Thursday promoted Kim Dong-kwan to executive vice chairman as the South Korean conglomerate elevated all three sons of Chairman Kim Seung-youn, further cementing its third-generation leadership structure.
Kim Dong-kwan, the chairman’s eldest son, has overseen Hanwha’s defense, shipbuilding, aerospace and energy businesses, including Hanwha Aerospace, Hanwha Ocean and Hanwha Solutions. The group credited him with driving rapid global growth and successfully executing strategic projects.
His younger brothers were also promoted in the reshuffle, which takes effect Aug. 1. Kim Dong-won, the chairman’s second son and president of Hanwha Life Insurance, was elevated to vice chairman of the group, while Kim Dong-seon, the youngest son, was promoted from executive vice president of Hanwha Vision to president.
Hanwha said the promotions would strengthen the competitiveness of its major business divisions and accelerate efforts to secure new sources of growth.
The reshuffle comes after shareholders approved a plan to split Hanwha Corp., the group’s de facto holding company, into two entities earlier this month. The move has reinforced expectations that the group will eventually separate businesses among the three brothers while placing Kim Dong-kwan at the center of the conglomerate’s broader succession structure.
Under the plan, the existing company will retain Hanwha’s defense, shipbuilding, marine, energy and financial operations. A newly created company will oversee technology and lifestyle-related businesses, headed by Kim Dong-seon.
Hanwha also named new chief executives for five affiliates.
Lee Boo-hwan was nominated as CEO of Hanwha Aerospace’s Business Division. Lee previously headed the company’s European operations and its precision-guided weapons business. He will be responsible for expanding Hanwha’s overseas defense network.
Yang Ki-won was nominated to lead Hanwha Systems. Yang previously served as head of Hanwha Corp.’s global division and Hanwha Impact’s business division. Hanwha said his experience developing new business models would support the expansion of the company’s global space and defense operations.
Kang Jung-hoon, currently head of Hanwha TotalEnergies’ petrochemical complex in Daesan, was named CEO of Hanwha Impact’s business division. He is expected to focus on cost reductions and improving profitability.
Hanwha Asset Management nominated Im Dong-jun as its new chief executive. Im previously led the asset manager’s US operation and strategic business unit and will be tasked with strengthening its securities investment capabilities and expanding alternative investments.
Kim Ki-chul, the current CEO of Hanwha Vision, was also named to lead Hanwha Semitech while retaining his existing position. He will oversee the expansion of Hanwha’s semiconductor equipment business as the group seeks to secure an early foothold in the market.
The nominees will assume their positions following approval at shareholder and board meetings at their respective companies.
