Hanwha accelerates 3rd-generation succession with clearer roles among chairman's 3 sons

Then-Hanwha Group Vice Chairman Kim Dong-kwan, front row second from right, gives Canadian Prime Minister Mark Carney, front row third from right, a tour of Hanwha Ocean's plant on Geoje Island, South Gyeongsang Province, Oct. 30, 2025. Kim was recently promoted to executive vice chairman. Courtesy of Hanwha Ocean

Hanwha Group has nearly finalized the group’s succession from its second-generation owner family members to its third-generation ones, clarifying the roles of Chairman Kim Seung-youn’s three sons with a series of promotions and business reshuffling.

The high-level promotions, paired with a major corporate spin-off, signal a shift toward performance under a “responsibility-based management” system led by the Kim brothers and supported by seasoned professional executives.

The cornerstone of the overhaul is the vertical split of Hanwha Corp. into two entities — a surviving company focused on defense, shipbuilding, energy and finance, and a new company, Hanwha Machinery & Service Holdings (Hanwha M&S), covering machinery, robotics, semiconductor equipment, retail, leisure and food services. The asset split ratio stands at roughly 76 percent for the surviving entity and 24 percent for the new one, with both set to relist on Aug. 25.

At the top, Kim Dong-kwan, the eldest son, has been promoted from vice chairman to executive vice chairman — the only executive in the group with that title — reinforcing his role as the de facto leader of the group’s core industrial pillars. He retains a 50 percent stake in Hanwha Energy, the largest shareholder of Hanwha Corp., and will drive mid- to long-term strategy, global expansion and large-scale investment projects across defense, shipbuilding, space aerospace and energy.

Then-Hanwha Life Insurance President Kim Dong-won, second from left, and the company's Chief Investment Officer Lee Byung-seo, left, pose with Murtaza Akbar, third from left, managing partner at Liberty City Ventures (LCV), and LCV co-founder Emil Woods, after signing a memorandum of understanding in Davos, Switzerland, Jan. 21. Kim was recently promoted to vice chairman of Hanwha Group. Courtesy of Hanwha Life

Kim Dong-won, the second son, has been elevated from Hanwha Life Insurance president to vice chairman of the group and will represent the group’s financial arm. While he already leads Hanwha Life as chief global officer, his expanded role now covers groupwide financial strategy across Hanwha Life Insurance, Hanwha General Insurance, Hanwha Investment & Securities and Hanwha Asset Management. Notably, finance remains within the surviving entity for now, with full ownership separation seen as a longer-term option after value creation.

Kim Dong-seon, the third son, who was vice president of Hanwha Vision, has become president of the newly formed Hanwha M&S, taking charge of retail, leisure, food and beverage, machinery, robotics and semiconductor equipment. His portfolio includes Hanwha Vision, Hanwha Semitec, Hanwha Robotics, Hanwha Galleria, Hanwha Hotels & Resorts, and Ourhome, marking a clean break from the core industrial complex and positioning him to lead “tech-life” convergence.

The personnel changes follow a year-long sequence of Hanwha’s governance adjustments, which included Chairman Kim’s March 2025 gift of 11.32 percent of his 22.65 percent Hanwha Corp. stake to his three sons, Hanwha Energy’s share reshuffle and Hanwha Corp.’s spin-off approvals. With a shareholder vote on July 15 approving the split, the group has now aligned ownership, organization and leadership.

Industry observers see the structure as a “division of responsibility” model in which the three brothers set strategic direction for their respective domains, while professional CEOs execute detailed plans, especially in overseas markets and next-generation technologies.

Hanwha Group Chairman Kim Seung-youn, center, and then-Hanwha Vision Vice President Kim Dong-seon, fifth from right, pose during their visit to Hanwha Robotics headquarters in Seongnam, Gyeonggi Province, in April 2024. The junior Kim was recently promoted to president of Hanwha Machinery & Service Holdings. Courtesy of Hanwha Group

“For Kim Dong-kwan, this means consolidating Hanwha’s land-sea-air-space defense ecosystem and advancing solar, hydrogen and artificial intelligence (AI)-related investments," an industry official said. "For Kim Dong-won, the focus is on Southeast Asian insurance markets and global financial partnerships. For Kim Dong-seon, it is expanding ‘physical AI’ applications in food, retail and leisure while building semiconductor equipment and robotics capabilities.”

Another industry official said, “With share and organizational restructuring largely complete, Hanwha has entered the third-generation management. The test ahead is whether the brothers’ clear accountability, combined with expert execution, can generate synergies across defense, finance and tech-life businesses.”

Alongside the heirs’ promotions, Hanwha placed experienced operators in key CEO roles, which will be finalized at shareholders’ meetings for the respective companies.

Lee Boo-hwan, a former head of Hanwha Aerospace’s European subsidiary and the firm’s precision-guided-munition business unit, has been nominated CEO of the company’s business division to lead ground weapons research and development and overseas defense exports. Yang Ki-won, previously head of Hanwha Corp.’s global division and Hanwha Impact’s business unit, has been nominated CEO of Hanwha Systems to expand defense electronics and space ventures abroad.

Kang Jung-hoon, currently head of Hanwha TotalEnergies’ Daesan plant in Seosan, South Chungcheong Province, has been tapped to lead Hanwha Impact’s business division, leveraging petrochemical expertise to improve cost competitiveness and profitability. Im Dong-jun, a former head of Hanwha Asset Management’s U.S. subsidiary and the firm’s strategic business unit, has been nominated to take the helm of the Korean firm, while Hanwha Vision CEO Kim Ki-chul has been nominated CEO of Hanwha Semitec.