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Hanwha reshuffles top posts at major affiliates

Sept 24,2019
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Kim Youn-chul, Lee Koo-yung
Hanwha Group replaced the heads of its machinery, chemical and energy affiliates in a major reshuffle aimed at revitalizing the businesses as conditions worsen in the face of a global economic downturn.

All new appointments were internal.

Kim Youn-chul, who currently heads Hanwha’s three machinery affiliates - Hanwha Precision Machinery, Hanwha Techwin and Hanwha Corporation’s machinery unit - was promoted to CEO of Hanwha Systems. The 58-year-old will take over at a critical moment when the defense and aviation unit is preparing for a public debut on the main bourse Kospi as early as the end of this year.

Oh Kyeong-seak, head of Hanwha Explosive and Defense, will also double as CEO of Hanwha’s machinery units, replacing Kim. The group said Oh is credited with improving efficiency in the manufacturing segment.

Ahn Soon-hong, head of Hanwha Techwin’s sales and marketing division, was appointed as CEO of Hanwha Techwin while Lee Ki-nam was promoted from executive vice president to CEO of Hanwha Precision Machinery.

Hanwha said that Lee is expected to spearhead international expansion and new businesses.

Hanwha Chemical will be headed by Lee Koo-yung, currently vice president of the company. Ryoo Doo-hyoung, CEO of Hanwha Energy, will take the helm of Hanwha Advanced Materials as CEO.

Hanwha Advanced Materials merged with solar cell manufacturer Hanwha Q Cells Korea last year.

According to Hanwha Group, the merger is intended to simplify the governance structure of its solar business affiliates. By grouping scattered solar-related affiliates together, the group expects to increase business efficiency.

To fill in the top post at Hanwha Energy, Jung In-sub, currently a vice president, will be tapped as CEO.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]