Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Hanwha heir promoted to CEO, spurs managerial succession
By Nam Hyun-woo
Hanwha Solutions CEO Kim Dong-kwan
By Nam Hyun-woo
Hanwha Group heir Kim Dong-kwan will head the group's energy, chemicals and materials unit, Hanwha Solutions, as the group expedites efforts to pass its leadership on to the 37-year-old.
According to Hanwha Group, Monday, it has promoted Hanwha Solutions Vice President Kim to president, as well as appointing him CEO of the company's strategy division. Following the move, Hanwha Solutions will have four CEOs respectively in the strategy, advanced materials, chemicals and solar divisions.
Kim, the eldest son of Chairman Kim Seung-yeon, was officially named as the leader of Hanwha Solutions just nine months after he became vice president of the company. Due to this, it is presumed that the group is expediting its efforts to prepare a successor for the current chairman.
Hanwha Group said Kim Dong-kwan earned his promotion for “leading Hanwha Solutions to reorganize its portfolio and explore new opportunities in renewable energy and advanced materials.” It also added Kim's network and expertise in the global renewable energy market will become a critical asset for the company.
After Kim joined Hanwha Solutions, the company showed an improved presence among group units, as its solar energy business hit its stride.
Hanwha's solar energy business first swung to profit in 2015, and Hanwha Q Cells, a brand under Hanwha Solutions, is now the top supplier of solar panels in the U.S. market.
According to energy consulting firm Wood Mackenzie, Hanwha Q Cells took a 22 percent share in the U.S. home solar panel market and a 21.5 percent share in the U.S. commercial panel market in the first half of the year.
Including Kim, Hanwha Group appointed 10 CEOs to its units including Hanwha Corp., Hanwha Precision Machinery, Hanwha Defense, Hanwha General Chemical, Hanwha Total, Hanwha Estate and Hanwha Station Development.
Of them, five have experience working for Hanwha Q Cells. Kim Eun-hee, appointed as the new CEO of Hanwha Station Development, will be the first woman to head a Hanwha company.