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Hanwha Group announced a major executive reshuffle and promoted the company president's eldest son, Kim Dong Kwan, to vice chairmanship post. His promotion is expected to accelerate the conglomerate's management transition process.
As per Korea Joongang Daily, the Hanhwa Group released its promotion plan for Kim and other executives on Monday, Aug. 29. It was noted that the decision is still subject to approval at the general shareholders' meeting that is set to take place in March 2023.
Then again, while still awaiting the official approval, chairman Kim Seung Youn's son who is also the heir of the company was also appointed as the new chief executive officer of Hanhwa Solutions, Hanhwa Aerospace, and Hanhwa Corp. He will be leading the units' strategy divisions.
Prior to his appointment to new executive roles, Kim Dong Kwan was recognized by the company for his work and efforts to bolster competitiveness as well as in the discovery of new businesses that they could invest in later on. He has been taking the lead in the search for new opportunities as the chief and president of Hanhwa Solutions since 2020.
"Vice Chairman Kim is playing an important role in the green energy and aerospace businesses that Hanwha Group, led by Chairman Kim Seung Youn, is pinpointing as the group's future businesses," the Hanwha Group stated with Dong Kwan's promotion.
Pulse News reported that the new vice chairman of the Hanwha Group was able to clinch the role just less than a year after he was appointed as president of Hanwha Solutions. He has now been tasked with the implementation of the administration plan that chairman Kim Seung Youn has formed for the company's future, including responsible management as a major shareholder.
Aside from Kim Dong Kwan, Kim Seung Mo, the president and co-chief of Hanwha Corporation, was appointed as the new CEO of Hanwha Engineering & Construction. Ryu Du Hyoung, the president and CEO of the material business unit of Hanwha Solutions, will take new titles as the head of Hanwha Precision Machinery and the company's engineering.
In addition to the leadership reshuffle, Son Jae Il, the president and CEO of Hanwha Defense will be replacing Shin Hyun Woo as CEO of Hanwha Aerospace. Meanwhile, Hanhwa Aerospace is set to merge with Hanwha Defense which will acquire Hanwha Precision Machinery.
"Hanwha Group recently decided to consolidate defense-related business units," Hanwha Group stated. "In this regard, Kim Dong Kwan's role as head of the strategy division at Hanwha Aerospace will grow important and the leadership could help it better expand into overseas markets including Australia, Europe, and the Middle East."
