Hanwha Group Chairman Seung-yeon Kim returns to management as an unregistered executive of three affiliates, including Hanwha Corporation. It is a return after 7 years of resigning from the position of CEO of 7 affiliates of the group.
According to Hanwha Group on the 26th, Chairman Kim will take over as an unregistered executive next month at Hanwha Corporation, a parent company and an aviation and defense company, Hanwha Solutions, a chemical and energy affiliate, and Hanwha E&C, a construction and service company.
In February 2014, Chairman Kim was sentenced to three years in prison and five years probation due to his renunciation under the Specific Economic Crimes Weighted Penalty Act and withdrew from the positions of the seven representatives of the group.
Subsequently, the probation ended in February 2019, but business activities were impossible due to the application of a two-year employment restriction under the Special Economics Act. Employment restrictions were lifted on the 19th of this month.
Regarding the reason why Chairman Kim does not serve as a registered executive, Hanwha Group said, “We considered the fact that subsidiaries operate as an independent management system centered on the board of directors, and continue to develop autonomous and responsible management systems in line with the business characteristics of each company.” Explained.
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Chairman Kim plans to focus on discovering new growth engines for the future and supporting global business with enemies in three affiliates. Rather than engaging in the daily management activities of affiliates, the company plans to take on the role of discovering new future growth engines across the group and supporting global business through overseas networks.
Hanwha Group said, “Chairman Kim will support Hanwha Corporation in securing future technologies in the aerospace and defense business and pioneering overseas markets using global networks.” “Hanwha Solutions and Hanwha E&C strengthen their capabilities in eco-friendly energy businesses such as green hydrogen, respectively. “We will focus on supporting global green energy projects such as the US and the US,” he added.