Chairman Seung-yeon Kim returns to management after 7 years… 3 unregistered executives (total)

Hanwha Group’s Chairman Seung-yeon Kim will be the parent company of Hanwha Corporation, a leading company in aviation and defense, and Hanwha Solutions, a leading chemical and energy company.[009830], Hanwha E&C, a representative construction and service company, announced on the 26th that it will play the role of Hanwha Group chairman by placing enemies as unregistered executives.

Chairman Kim’s probation ended in February 2019, but official activities were blocked due to a two-year employment restriction under the Special Economics Act, but on the 19th of this month, the restriction was lifted and official activities became possible.

Although Chairman Kim has not completely removed his hand from management even during employment restrictions, it is expected that he will actively take the lead in the group in the future as legal restrictions have disappeared.

Hanwha Group explained that Chairman Kim will focus on securing future technologies for the aerospace and defense industry and pioneering overseas markets while taking the unregistered executive of Hanwha Corporation.

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.

On the 19th, the business community focused attention on which company Kim will return to and in what form as the employment restrictions of Chairman Kim were lifted.

However, contrary to some expectations that he would return to the CEO, he decided not to take on the registered executives, but to serve as the group’s chairman as an unregistered executive of the group’s core affiliates.

Hanwha Group said, “The Hanwha Group affiliates have already been operating as an independent management system centered on the board of directors for a long time, and in the future, according to the policy of continuing to develop an autonomous and responsible management system according to the business characteristics of each company, Chairman Kim decided not to take over as a registered executive. I did,” he explained.

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.

While Chairman Kim retired from the CEO, the fact that his three sons were placed in the front line of management seems to be taken into account.

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, is Hanwha Life Insurance.[088350]Occupied a key position. His third son, Kim Dong-seon, also recently returned to Hanwha Energy’s managing director.

As Chairman Kim comes to the forefront of management, the group’s future food discovery and investment are expected to be empowered in the future.

In this year’s New Year’s speech, the chairman presented the group’s future growth engine, saying, “Please spur new businesses such as aviation and space, mobility (transportation means), and green hydrogen energy.”

Accordingly, Hanwha Aerospace began the space business by buying a 30% stake in Setrec Eye, a satellite specialized company, immediately after Chairman Kim’s New Year’s address on the 13th of last month, and Hanwha Systems also launched satellite business such as image radar (SAR) and satellite antenna. In addition, it is expanding new businesses such as urban air taxis.

It is observed that with Chairman Kim’s return, the succession work for the three sons, who are expanding their management stride within the group, will also accelerate.

Hanwha Co., Ltd., which is at the peak of Hanwha Group’s governance structure, is the largest shareholder with 22.65% of the shares held by Chairman Seung-yeon Kim.

Accordingly, the business community is expected to gradually reveal the outline of the group’s succession structure with Chairman Kim’s return as Chairman Kim is in his 70s.

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2021/02/26 14:30 sent