Kim Dong-gwan Promoted to President of Hanwha Solutions... Hanwha Group Executes Affiliate CEO Appointments (Comprehensive)

Hanwha Solutions and Strategy Division Appoint 10 New Executives Including CEO Kim Dong-kwan
Changes and Innovation Willingness with First Female CEO and CEOs in Their 40s

[Asia Economy Reporter Hwang Yoon-joo] Kim Dong-gwan, vice president of Hanwha Solutions and eldest son of Hanwha Group Chairman Kim Seung-yeon, has been promoted to president. Hanwha Group has made new appointments focusing on its chemical and defense affiliates. Amid growing uncertainties in the internal and external business environment due to the COVID-19 pandemic, this president-level personnel reshuffle is interpreted as a proactive move to establish next year's business strategies and expand new businesses.

On the 28th, Hanwha Group announced CEO appointments for 10 affiliates, including Hanwha Corporation Global Division, Hanwha Corporation Defense Division, Hanwha Precision Machinery, Hanwha Defense, Hanwha Solutions/Strategy Division, Hanwha General Chemical Business Division, Hanwha General Chemical Strategy Division, Hanwha Total, Hanwha Estate, and Hanwha History.

The key feature of this reshuffle is the placement of CEOs with strong expertise and strategic execution capabilities in each business sector to proactively respond to the post-COVID era and secure future market leadership. Regardless of age or tenure, professional managers with expertise and capabilities were boldly selected and appointed. Notably, the appointment of CEOs in their 40s and female CEOs demonstrates the company's determination to accelerate the pace of change and innovation. As a result of this reshuffle, the average age of Hanwha Group CEOs has dropped by more than two years from 58.1 to 55.7.

Kim Dong-gwan Promoted to President of Hanwha Solutions... Expected Expansion of Energy Business Including Solar Power

Kim Dong-gwan, head of the Strategy Division at Hanwha Solutions (vice president), has been promoted to president and appointed as CEO. Kim took charge of the Strategy Division with the launch of the integrated Hanwha Solutions corporation in January this year. He led business restructuring and future business discovery to transform the company into an eco-friendly energy and advanced materials enterprise, contributing to the creation of a stable profit structure, which earned him the promotion. The growing volatility in the global renewable energy market due to climate change has also increased the demand for Kim's expertise and extensive network in this field, which is another reason for his promotion.

Kim previously led the acquisition of Q CELLS and the merger with Hanwha SolarOne. Hanwha's solar business turned profitable in 2015 and has since solidified its top-tier position in major markets such as the United States, Europe, and Japan. Based on these solar business achievements, Hanwha Solutions achieved consecutive quarterly profits exceeding 100 billion KRW in the first and second quarters of this year despite the economic downturn caused by the COVID-19 crisis. This was made possible by the Strategy Division's crisis response strategy formulation and company-wide execution synergy after the integration of three business divisions.

Kim also played a leading role in securing future competitiveness. Hanwha Solutions acquired the U.S. energy software company GELI, laying the foundation for entering future-oriented energy businesses based on the Fourth Industrial Revolution technologies such as big data and artificial intelligence. In August, the company won the rights to a 315MW power plant project in Portugal, successfully entering the solar power plant business combined with energy storage systems (ESS).

Focus on Chemical and Defense Affiliates... Commitment to Expanding New Businesses

Kim Maeng-yoon, head of the European Business Division of Hanwha Solutions Q CELLS, has been appointed CEO of Hanwha Corporation Global Division. Kim previously served as head of the Athens branch of Hanwha Corporation's trading division. He also led the new market business division and European business division of Hanwha Q CELLS, contributing to the company achieving the number one market share in major European markets such as the UK and Germany. Kim is expected to drive synergy creation and strengthen global competitiveness by integrating the explosives manufacturing and supply business with the businesses transferred from Hanwha Corporation's trading division.

Kim Seung-mo, head of the Business Support Office at Hanwha Corporation, has been promoted to vice president and appointed CEO of Hanwha Corporation Defense Division. Kim has held positions such as head of planning at Hanwha Corporation and CEO of Hanwha Q CELLS Korea, and is regarded as a strategic expert in defense and manufacturing sectors. He is the right person to lead Hanwha Defense Division, which is expanding its business into precision-guided weapons and space sectors to secure future growth engines.

Ok Kyung-seok, CEO of Hanwha Corporation's explosives, defense, and machinery divisions, has been appointed CEO of Hanwha Precision Machinery. Based on his experience in management efficiency at Hanwha Construction and as CEO of Hanwha Corporation, he plans to enhance competitiveness in the machinery business sector. To maximize synergy in the machinery division, he will concurrently serve as CEO of Hanwha Corporation's machinery division.

Son Jae-il, executive director of Hanwha Corporation's support division, has been promoted to vice president and appointed CEO of Hanwha Defense. Son previously served as CEO of Hanwha Ground Defense and has experience pioneering overseas markets in the defense sector, expected to continue the momentum of the K-defense wave.

Park Heung-kwon, head of the Strategy Office at Hanwha Corporation, has been appointed CEO of Hanwha General Chemical Business Division. Park, a former McKinsey consultant and former CEO of Doosan's European subsidiary, joined Hanwha Group in 2019. As head of Hanwha Corporation's Strategy Office, he led business portfolio reviews, growth direction, M&A, and investment strategies. Park plans to actively strengthen the existing PTA business and expand the global petrochemical business.

Park Seung-duk, head of the Business Strategy Office at Hanwha Solutions, has been appointed CEO of Hanwha General Chemical Strategy Division. Park has extensive experience in R&D, strategic planning, and global marketing in petrochemical and solar business divisions. He plans to lead the strengthening of future businesses, including new business discovery.

Kim Jong-seo, head of Hanwha Q CELLS Japan, has been promoted to vice president and appointed CEO of Hanwha Total. Kim has worked at petrochemical affiliates such as Hanwha Chemical and Yeochun NCC, and has served as head of Hanwha Q CELLS Japan since 2011. He significantly contributed to Hanwha Q CELLS achieving the number one market share in Japan's solar market, surpassing Japanese companies. At Hanwha Total, where exports account for over 70%, he will lead new business initiatives and global business expansion.

Lee Kang-man, vice president of Hanwha Communication Committee, has been appointed CEO of Hanwha Estate. Lee has held positions such as head of corporate sales at Hanwha General Insurance and vice president of Hanwha Communication Committee, demonstrating strong service mindset and organizational management capabilities. Kim Eun-hee, head of the Planning Division at Hanwha Galleria, has been promoted to executive director and appointed CEO of Hanwha History. At 42 years old this year, Kim is the first female CEO in Hanwha Group. As a planning expert in business innovation and new business promotion, she will lead the strengthening and innovation of development and operation strategies for new commercial facilities such as the northern area of Seoul Station and Daejeon Station development projects. Final appointments will proceed according to the prescribed procedures such as general meetings of shareholders and board meetings of each company.

A Hanwha Group official said, "In the uncertain management environment after COVID-19, we made early appointments of affiliate presidents," adding, "Those who have led new businesses in the chemical and defense sectors were promoted."