Hanwha promotes Kim Dong-kwan to senior vice chairman in leadership reshuffle

Hanwha Group has promoted Kim Dong-kwan, the eldest of the three sons of the founding family, from vice chairman to senior vice chairman, while elevating second son Kim Dong-won, president of Hanwha Life Insurance, to vice chairman and third son Kim Dong-sun from executive vice president to president. The moves, announced ahead of a corporate split scheduled for Saturday, signal the group's push to accelerate generational change and strengthen accountability in management.

Hanwha Group said Thursday the promotions and the designation of new chief executives at several affiliates would take effect Saturday. Under the reshuffle, Kim Dong-kwan becomes senior vice chairman, Kim Dong-won is elevated to vice chairman, and Kim Dong-sun is promoted to president.

Kim Dong-kwan's promotion to senior vice chairman comes roughly four years after he was named vice chairman in August 2022. He has led the group's defense, marine, aerospace and energy businesses, driving dramatic growth in global markets and successfully completing major strategic projects.

Kim Dong-won has spearheaded digital innovation and global expansion in the financial sector, solidifying the foundation for future growth. His promotion brings Hanwha Group's vice chairman ranks to five: Senior Vice Chairman Kim Dong-kwan, Vice Chairman Kim Dong-won, Vice Chairman Kim Chang-beom (adviser), Vice Chairman Yeo Seung-ju (head of Hanwha's management support division), and Vice Chairman Kwon Hyeok-ung (CEO of Hanwha Life Insurance).

Kim Dong-sun has delivered results in retail, leisure and food-and-beverage expansion as well as in advanced industries, including the group's entry into the semiconductor equipment market. Hanwha Group said it plans to use the promotions as a springboard to dramatically boost business capabilities across each sector and drive the search for new growth engines, including expansion into new business areas.

Earlier, Hanwha shareholders approved a spin-off of Hanwha Corp. on July 15, reorganizing the business into a surviving entity focused on defense, shipbuilding and energy, and a newly established entity centered on machinery, robotics, semiconductor equipment and retail. The spin-off into Hanwha Corp. and Hanwha Machinery & Services Holdings (tentative name) is set to take effect Saturday.

Hanwha Group also announced CEO designates for five affiliates, saying it had selected candidates best suited to carry out strategic tasks aimed at stabilizing management and driving medium- to long-term growth at each company.

Lee Bu-hwan, designated CEO of Hanwha Aerospace's business division, is a ground-weapons systems research-and-development and overseas business specialist who previously served as head of Hanwha Aerospace's European subsidiary and head of its precision-guided munitions division. He will take the lead in building overseas defense footholds. Yang Ki-won, designated CEO of Hanwha Systems, is a new-business-model specialist who previously led Hanwha Corp.'s global division and Hanwha Impact's business division. He is regarded as the right person to drive global expansion in the space and defense sectors.

Kang Jeong-hun, designated CEO of Hanwha Impact's business division, currently serves as plant manager of Hanwha TotalEnergies' Daesan factory and is expected to draw on his hands-on petrochemical experience to lead cost innovation and improve the profit structure. Lim Dong-jun, designated CEO of Hanwha Asset Management, has served as head of the firm's Americas subsidiary and head of its strategic business unit. He will lead global business growth by strengthening securities management competitiveness and expanding alternative investment. Kim Ki-cheol, designated CEO of Hanwha Semitech, currently serves as CEO of Hanwha Vision, where he successfully led a restructuring centered on overseas business. He will concurrently serve as CEO of Hanwha Semitech, pursuing expansion of the semiconductor equipment business and early market capture.

The designated CEOs are expected to be formally appointed following shareholder meetings and board approvals at their respective companies.