President Kim Dong-kwan of Hanwha Solutions Promoted to Vice Chairman

Vice Chairman Kim Dong-kwan of Hanwha Group.

President Kim Dong-kwan of Hanwha Solutions, the eldest son of Hanwha Group Chairman Kim Seung-youn, has been promoted to vice chairman, the group said on Aug. 29.

His promotion comes two years after Kim was promoted to president of Hanwha Solutions in September 2020.

Earlier, Kim was promoted to senior executive vice president of Hanwha Solutions, an integrated entity of Hanwha Chemical and Hanwha Q Cells & Advanced Materials, merged in January 2020.

His promotion may be construed as an indication of efforts to accelerate Hanwha Group’s transferring of its management rights to third-generation offsprings of the group’s founder, including Vice Chairman Kim.

Hanwha Group conducted a reshuffle involving the appointment of CEOs for the group’s nine subsidiaries, including Hanwha Corp.’s strategy division, Hanwha Corp’s global division, Hanwha Corp.’s momentum division, Hanwha Precision Machinery, Hanwha E&C, Hanwha Solutions’ advanced material division, Hanwha Solutions’ Q Energy, Hanwha Aerospace, and Hanwha H2 Energy.

Vice Chairman Kim of Hanwha Solutions concurrently serves as president of Hanwha Corp.’s strategy division and president of Hanwha Aerospace’s strategy division.

The business group said Vice Chairman Kim has greatly contributed to implementing mid- and long-term strategies of the green energy and aerospace business sectors and building the global competitiveness of the defense business.

With the latest personnel change, Vice Chairman Kim will wield his influence over the operation of the business group, but he still has pending issues, such as securing additional stakes before he obtains the group’s management rights, since he has only a 4.4 percent stake in Hanwha Corp. Chairman Kim holds the highest stake of 22.7 percent in Hanwha Corp.

Senior Executive Vice President Kim Dong-won of Hanwha Life, Chairman Kim’s second son, and Vice President Kim Dong-sun of Hanwha Hotel & Resort, his third son, each hold a 1.67 percent stake in the corporation.

(from left) President Ryu Doo-hyung of Hanwha Corp. Momentum Division and also president of Hanwha Precision Machinery, President Sohn Jae-il of Hanwha Aerospace, President Kim Seung-mo of of Hanwha E&C, President Kim In-hwan of Hanwha Solutions Advanced Materials Division, and President Sohn Young-chang of Hanwha H2 Energy. (Photos: Hanwha Group)

President Ryu Doo-hyung of Hanwha Solutions Advanced Materials Division was appointed to be president of Hanwha Corp. Momentum Division and also president of Hanwha Precision Machinery.

President Kim Seung-mo of Hanwha Corp. Defense Division was appointed to president of Hanwha E&C, while President Sohn Jae-il of Hanwha Defense was tapped to be president of Hanwha Aerospace.

Senior Executive Vice President Kim In-hwan of Hanwha Total Energy’s Resin Business Division was named president of Hanwha Solutions Advanced Materials Division, while Senior Executive Vice President Sohn Young-chang of Hanwha Power System was tapped to be president of Hanwha H2 Energy.

Executive Vice President Yang Gi-won, CEO of Hanwha Corp. Global Division, was promoted to senior vice president while Vice President Chung Sang-chul, CEO of Hanwha Solutions Q Energy, was promoted to executive vice president.

The latest personnel changes and promotions were approved by extraordinary shareholders’ meetings or board of directors’ meetings.

Hanwha Group said, “Amid rising inside and outside business uncertainties, the latest reshuffle has focused on building a sustainable growth foundation by naming and repositioning CEOs proved with their strategies and expertise to companies undergoing restructuring of business portfolios to ramp up continued business competitiveness and preoccupy future markets.”