Hanwha chairman returns to management in seven years

Hanwha Group Chairman Kim Seung-youn (picture) is returning to management seven years after he stepped down from the top posts of key affiliates, including Hanwha Corp. in February 2014.

According to Hanwha Group on Friday, Chairman Kim will make a comeback to management as an unregistered executive of three units including Hanwha Corp., Hanwha Solutions, and Hanwha Engineering & Construction. Hanwha Group said Kim will assume the role of chairman of Hanwha Corp., serving as an unregistered executive of affiliates responsible for the group’s key businesses, such as aviation and defense, energy and chemicals, and construction and services.

Chairman Kim is planning to focus on supporting Hanwha Group’s global businesses by exploring future growth engines and leveraging his overseas network. Since each of the affiliates is managed independently by their boards of directors and in accordance with Hanwha Group’s policy that each affiliate will be managed in an autonomous and responsible manner according to its business characteristics, Chairman Kim will not come back as a registered representative.

Meanwhile, Hanwha Solutions CEO Kim Dong-kwan, Chairman Kim’s eldest son, is expected to become a registered executive of Hanwha Aerospace. The aerospace arm of Hanwha Group decided to recommend President Kim as its internal director at its board meeting on Friday. He will be appointed as an internal director of the company if the resolution is approved at a shareholders’ meeting on March 29.


Dong-Il Seo dong@donga.com