Hanwha's 'Heir' Kim Dong-kwan Stamps Authority, Accelerates New Businesses in Solar Power, Space, and Defense Industries

Hanwha Group Eldest Son Promoted to Vice Chairman
Oversees Solar Power, Space, and Defense
Leading New Business, Management Under Scrutiny

Kim Dong-kwan, Vice Chairman and CEO of Hanwha Solutions. Photo by Hanwha Group

Kim Dong-gwan, the eldest son of Kim Seung-yeon, Chairman of Hanwha Group, has solidified his position as the ‘successor’ of Hanwha Group by being promoted to vice chairman. Observers say that the ‘third-generation management’ of Hanwha Group has officially begun.

According to Hanwha Group on the 30th, Vice Chairman Kim will manage not only Hanwha Solutions’ Strategy Division as CEO but also the Strategy Divisions of Hanwha Corporation and Hanwha Aerospace as CEO. This management approach covers all areas from the group’s traditional core chemical business to new business sectors such as solar energy, space, and defense. As a result, there are expectations that new investments in emerging sectors like renewable energy and space, which have recently been flourishing, will accelerate further.

Born in 1983, Vice Chairman Kim graduated from St. Paul’s School in the United States and Harvard University with a degree in Political Science. After joining Hanwha Group, he rapidly rose through the ranks.

He is particularly recognized for proving his management capabilities by leading the solar energy new business. From January to November 2015, he served as Executive Director at Hanwha Q CELLS and was immediately promoted to Managing Director in December of the same year. He then advanced to Vice President in 2019 and became President of Hanwha Solutions in September 2020.

Since Vice Chairman Kim’s involvement, Hanwha Solutions has been on an upward trajectory. Last year, sales and operating profit increased by 16.6% and 24.3%, respectively, compared to 2020, the first year after integrating the renewable energy and basic materials (chemical) divisions. This year, as the renewable energy business fully gained momentum, the second quarter recorded the highest sales and operating profit since the launch of the integrated corporation. The company’s market value also rose significantly; the stock price of Hanwha Solutions, which was around 18,500 KRW at the time of the integrated corporation’s launch in 2020, recently surpassed 50,000 KRW, bringing the market capitalization close to 10 trillion KRW. Notably, the company has been making trillion-won scale investments in North America, following the U.S. global supply chain restructuring strategy and the rapid growth of the solar market.

Kim Dong-kwan, Vice Chairman and CEO of Hanwha Solutions. Photo by Hanwha Group

Additionally, since January 2020, Vice Chairman Kim Dong-gwan has been leading the Strategy Divisions of Hanwha Corporation and Hanwha Solutions, and since March last year, he has been heading the Hanwha Space Hub team within Hanwha Aerospace. In Hanwha Group, which operates under a responsible management system centered on each company’s board of directors and CEOs, Vice Chairman Kim is driving concrete results by strengthening the global business competitiveness of his affiliated companies, discovering future strategic businesses, and promoting investments.

Meanwhile, Hanwha Group announced appointments and promotions for CEOs of nine affiliates along with Vice Chairman Kim’s promotion the day before. Kim Seung-mo, President of Hanwha Corporation’s Defense Division, has been appointed as the new CEO of Hanwha Construction, and Son Jae-il, President of Hanwha Defense, has been appointed as co-CEO of Hanwha Aerospace alongside Vice Chairman Kim Dong-gwan.

Ryu Du-hyung, President of Hanwha Solutions’ Advanced Materials Division, has been appointed as the new CEO of Hanwha Momentum and Hanwha Precision Machinery, while Kim In-hwan, Vice President and Head of the Suji Business Division at Hanwha TotalEnergies, has been appointed as the new CEO of Hanwha Solutions’ Advanced Materials Division. Son Young-chang, Vice President and CEO of Hanwha Power Systems, has been appointed as CEO of Hanwha H2 Energy, and Executive Director Yang Ki-won has been promoted to Vice President. Jeong Sang-cheol, Managing Director of Hanwha Solutions Q Energy, has been promoted to Executive Director. The appointed CEOs will be officially confirmed through shareholders’ meetings and board meetings according to each company’s schedule.

This content was produced with the assistance of AI translation services.