Hanwha Solutions Appoints Park Ji-hyung as Chairman...First Case of Outside Director as Chairman

Strengthening Board Independence and Transparency

Park Ji-hyung, the new chairman of the board at Hanwha Solutions. Photo by Hanwha Solutions

Hanwha Solutions appointed Professor Park Ji-hyung of Seoul National University, an outside director, as the new chairman of the board on the 26th. This is the first case within Hanwha Group where an outside director has been appointed as the chairman of the board, as the position had previously been held by an inside director.

Regarding the appointment of the first outside director as chairman, Hanwha Solutions stated, "We expect the independence of the board and management transparency to be further strengthened," adding, "The board will be able to expand its functions of appropriate checks and balances."

Professor Park Ji-hyung of the Department of Economics at Seoul National University, newly appointed chairman, is an expert in international trade who studied economics at the London School of Economics (LSE) in the UK and the University of Wisconsin in the US. He has provided the board with diverse advice on the global business environment and international relations. He has also contributed to the board with a high level of understanding and balanced perspective by serving as the chair of Hanwha Solutions' ESG Committee and as an audit committee member.

The appointment of an international trade expert as chairman is also significant as Hanwha Solutions is emerging as a global leading company through differentiated technology and innovation. Hanwha Solutions stated, "We expect this to greatly help in expanding global business and establishing global standards."

Since his appointment as CEO of Hanwha Solutions, Vice Chairman Kim Dong-kwan has continuously emphasized board independence and board-centered management. To strengthen the role of the board and enhance management transparency, Hanwha Solutions established a compensation committee composed entirely of outside directors in December last year.

Hanwha Group has been striving to secure management transparency and fairness by establishing ESG committees and compensation committees at major listed companies within the group, while also appointing foreign outside directors such as Satoshi Shima (Hanwha Solutions) and George P. Bush (Hanwha Ocean) to ensure board diversity and expertise. Taking the appointment of Hanwha Solutions' first outside director as chairman as an opportunity, Hanwha Group plans to further strengthen board-centered management going forward.

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