Why Hanwha Advanced Its Personnel Changes by a Month?
Chairman Kim Seung-yeon's First Executive Appointment Since Return
Intent to Quickly Establish Next Year's Business Strategy
[Asia Economy Reporter Choi Dae-yeol] Hanwha Group has attracted attention for advancing the replacement of CEOs of its major affiliates by about a month compared to previous years. Hanwha explained that this move is part of proactively responding to the rapidly changing business environment. Industry insiders evaluate that since this is the first executive reshuffle after Chairman Kim Seung-yeon’s return, it is an order to finalize next year’s business plans as soon as possible and achieve visible results.
According to Hanwha on the 27th, the affiliates undergoing CEO changes this time are Hanwha Systems, Hanwha Solutions (Chemical and Q CELLS divisions), Hanwha General Chemical, and Hanwha Savings Bank. The changes are either internal promotions or transfers between affiliates. The CEOs appointed in this reshuffle will be officially confirmed through shareholders’ meetings or board meetings around next month.
Regarding the earlier timing of the executive appointments compared to before, Hanwha explained that it is to prepare next year’s business strategies in advance. Due to the resurgence of COVID-19, the business outlook remains uncertain, and it is difficult to predict the overall industrial transition. Since the group is preparing various new businesses in connection with its succession structure, it is considered necessary to respond proactively and swiftly ahead of time.
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Hanwha Systems, where Vice President Uh Seong-cheol has been promoted and appointed as CEO, is closely linked to the group’s new businesses currently underway, such as Urban Air Mobility (UAM) and aerospace. Hanwha General Chemical is responsible for hydrogen co-firing and distribution, as well as the development of eco-friendly petrochemical products. The solar power and renewable energy business handled by Hanwha Solutions’ Q CELLS division is a field where President Kim Dong-kwan of Hanwha Solutions has been focusing his efforts since the early days.
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