Hanwha revamps organization chartHanwha Group has integrated its explosive and defense businesses under its holding company, Hanwha Corporation, in a bid for more effective management, the group announced Friday.
Ok Kyeong-seak, former head of the explosives segment, has been appointed CEO of the integrated business team.
Ok joined Hanwha Group in 2016 to lead the group’s innovation team. In October 2017, he was appointed head of Hanwha Corporation’s explosives business sector.
“Hanwha decided to integrate the explosives and defense sectors due to their similarities in business,” the group said in a written statement Friday. “[The combined team] will generate synergy.”
Hanwha Life Insurance, another conglomerate arm, appointed Yeo Seung-joo as a second CEO. Yeo will co-manage the company with Cha Nam-gyu, CEO and vice chairman of the insurance company.
According to the company, Yeo is known as a financial expert and expected to lead M&A activity and investment deals for Hanwha Group.
The appointment of Ok and Yeo are subject to approval at the group’s upcoming board meeting.
Hanwha Chemical promoted Lee Koo-yung to general executive director of the company from a team leader for the company’s business strategy department. Lee has served as executive for Hanwha Chemical and also the China, Germany and America units of Hanwha Q Cells.
“Based on his global experience, Hanwha expects [Lee] to generate synergy among its chemical and energy businesses as well as fortify Hanwha Chemical’s global strategy,” the company said in a statement.
BY JIN EUN-SOO [email@example.com]