Chairman Seung-yeon Kim returns after 7 years… Unregistered executives of 3 companies including Hanwha Corporation

Input 2021.02.26 13:58 | Revision 2021.02.26 14:15

Hanwha Group Chairman Kim Seung-yeon, whose employment restrictions have been lifted in 7 years, will be the parent company of next month and a leading aviation and defense company.Hanwha (000880)It will return to the unregistered executives of three affiliates, including the group, and will take the lead in the management of the group.

Hanwha Group announced on the 26th that Chairman Seung-yeon Kim will take on the role of Chairman of Hanwha Group as unregistered executives at three companies: Hanwha Corporation, a parent company, Hanwha Solutions, and Hanwha E&C, a representative chemical and energy company, and Hanwha E&C, a representative construction and service company.

Hanwha’s side explained, “Considering that Hanwha Group affiliates are operated under an independent management system centered on the board of directors, and will continue to develop an autonomous and responsible management system according to the business characteristics of each company, Chairman Kim has decided not to take on a registered officer.” . Rather than joining the board of directors of a specific company, it is in charge of supporting the business across the group, such as supporting global business and discovering new growth engines for the future.

At Hanwha Corporation, Chairman Kim is expected to focus on securing future technologies for the aerospace and defense industry and pioneering overseas markets. In addition, it is expected to strengthen Hanwha Solutions’ eco-friendly energy business capabilities such as green hydrogen energy by operating global contacts such as the United States, and to enhance Hanwha E&C’s competitiveness through cooperation with global construction companies.

In the business world, on the 19th, when the restrictions on employment of Chairman Kim were lifted, attention was drawn to his actions. In February 2014, Chairman Kim resigned from seven CEO positions after being sentenced to three years in prison and five years in probation for his renunciation under the Specific Economic Crimes Weighted Penalty Act. The current Specific Economic Weighted Penalty Act prohibits employment in financial companies or crime-related companies for up to two years after the end of the probation period when convicted of probation.

Contrary to the expectations from inside and outside the business world that Chairman Kim will return as CEO, it is predicted that the succession work for the three sons will be accelerated by serving as the group chairman as an unregistered executive of the group’s core affiliates. The eldest son, Dong-gwan Kim, is the CEO of Hanwha Solutions, which has emerged as a core business of the group, and the second son, Dong-won Kim, Hanwha Life Insurance (088350)Occupied a key position. His third son, Kim Dong-seon, also recently returned to Hanwha Energy’s managing director.