Hanwha announces plans for leadership reshuffle

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Hanwha announces plans for leadership reshuffle

              Kim Dong-Kwan

Kim Dong-Kwan

 
Hanwha Solutions CEO Kim Dong-kwan, the eldest son of Hanwha Chairman Kim Seung-youn, may be promoted to vice chairman, accelerating the conglomerate's leadership transition.
 
Hanwha released the promotion plan on Monday. The decision is subject to approval in the general shareholder meeting set for March, next year.
 
On top of the promotion, the young Kim will be given new roles at Hanwha Aerospace and Hanwha Corporation, heading strategy divisions of the units.
 
President and Co-CEO of Hanwha Corporation Kim Seung-mo was appointed as CEO of Hanwha Engineering & Construction. He will maintain his current position of heading the defense business at Hanwha Corporation, a holdings unit.
 
President and CEO of Hanwha Solutions material business Ryu Du-hyoung will take new titles as the CEO of Hanwha Corporation’s engineering business and of Hanwha Precision Machinery, without keeping his current post.
 
President and CEO of Hanwha Defense Son Jae-il will double as CEO of Hanwha Aerospace, replacing Shin Hyun-woo.
 
The reshuffle came after Hanwha companies announced a major corporate shake-up to put related businesses under the same umbrella.
 
Hanwha Aerospace will merge its wholly-owned subsidiary Hanwha Defense and the defense division of Hanwha Corporation, and the holdings company will acquire Hanwha Precision Machinery, an equipment manufacturer previously owned by Hanwha Aerospace.
 
The appointed vice chairman is expected to play an integral role at Hanwha Aerospace in spearheading the defense business.
 
“Hanwha Group recently decided to consolidate defense-related business units,” Hanwha said in a statement.
 
“In this regards, Kim’s role as head of the strategy division at Hanwha Aerospace will grow important,” adding that the leadership could help it better expand into overseas markets including Australia, Europe and the Middle East.
 
The switch in corporate structure will be fully materialized next year after the shareholders’ meeting, although the Hanwha companies are set to undergo financial transactions starting this month through next year. 

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]
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