Into the History of Daewoo Shipbuilding & Marine Engineering... 'Hanwha Ocean' Launches on the 23rd (Comprehensive)

Vice Chairman Kim Dong-kwan Joins the Board of Directors

Daewoo Shipbuilding & Marine Engineering will complete the acquisition process by changing its company name to 'Hanwha Ocean' on the 23rd. Kim Dong-kwan, Vice Chairman of Hanwha Group, will join the board of directors of Daewoo Shipbuilding & Marine Engineering to support its global business expansion.

On the 8th, Hanwha Group appointed Kwon Hyuk-woong, President of the Support Division at Hanwha Corporation, as the new CEO of Daewoo Shipbuilding & Marine Engineering, promoting him to Vice Chairman. Additionally, Kim Jong-seo, former CEO of Hanwha TotalEnergies and Jeong In-seop, former CEO of Hanwha Energy, both of whom have served as CEOs of major Hanwha affiliates, were recommended as candidates for inside directors.

Vice Chairman Kwon, a KAIST Ph.D. graduate, has served as CEO of Hanwha Energy and Hanwha TotalEnergies. Since 2020, he has been leading the Support Division at Hanwha Corporation, focusing on discovering new future businesses for Hanwha Group and enhancing synergy among its companies.

Since the announcement of the acquisition of Daewoo Shipbuilding & Marine Engineering in September last year, he has directly led the acquisition team and plans to take on the role of the new CEO to spearhead PMI (post-merger integration) and the prompt normalization of management.

Vice Chairman Kim will participate in management as a non-executive director, considering his existing roles in eco-friendly energy, defense, and aerospace. His intention is to support the rapid normalization of Daewoo Shipbuilding & Marine Engineering’s management and the expansion of overseas markets as a board member.

In particular, Vice Chairman Kim will support the normalization and structural improvement of Daewoo Shipbuilding & Marine Engineering’s management. The plan is to maximize the synergy from the combination of Hanwha and Daewoo Shipbuilding & Marine Engineering to transform Hanwha Group into a ‘Green Energy Value Chain Major,’ a ‘National Representative Defense Company,’ and a ‘Marine Solutions Leader.’

[Image source=Yonhap News]

Daewoo Shipbuilding & Marine Engineering will convene an extraordinary general meeting of shareholders on the 23rd to approve amendments to the articles of incorporation, including the company name change. The appointment of five outside directors will also be resolved. The candidates for outside directors are Lee Shin-hyung, President of the Korean Society of Naval Architects and Ocean Engineers (Professor of Naval Architecture and Ocean Engineering at Seoul National University), Hyun Nak-hee, Professor at Sungkyunkwan University School of Law, George P. Bush, Partner at Michael Best & Friedrich LLP, Kim Jae-ik, former CEO of KDB Infrastructure Asset Management, and Kim Bong-hwan, Professor at Seoul National University Graduate School of Public Administration.

Hanwha Group will participate in a 2 trillion KRW capital increase of Daewoo Shipbuilding & Marine Engineering on the 23rd, securing a 49.3% stake. As the major shareholder, Hanwha Group plans to complete the acquisition process by finalizing the company name change and appointing new management through the extraordinary general meeting of shareholders.

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