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By Kim Hyun-bin
Hanwha Group Chairman Kim Seung-youn's eldest son Hanwha Solutions President Kim Dong-kwan, 38, is being appointed to managing positions in key affiliates.
Apart from heading Hanwha Solutions, the younger Kim was made executive director of Hanwha Aerospace last month to push the group's future mobility and aerospace divisions forward
Kim has made a name for himself through his leadership capabilities, establishing Hanwha Solutions as one of the main pillars of the conglomerate, and many industry insiders believe Hanwha Aerospace will likely see rapid growth with him in charge.
The move comes as his father, Chairman Kim Seung-youn, is returning to management after a seven-year absence.
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| Hanwha Group Chairman Kim Seung-youn |
In 2014, he was sentenced to three years imprisonment, suspended for five years, for breach of trust and had to step down from his directorships at the conglomerates' seven affiliates including Hanwha Corp. Kim was also banned from holding the positions for five years after his sentence expired. The ban ended on Feb. 18.
"Hanwha Group affiliates mainly operate through an independent management system with their board of directors and will continue to implement and enhance the responsible management that best fits each company. That is the reason why Chairman Kim Seung-youn chose not to become a representative director," Hanwha Group said.
However, with the official return of the chairman, many believe Kim will use his presence to establish the foundation for the managerial succession of his three sons.
His eldest, Dong-kwan, entered Hanwha as a deputy department head in 2010 but was made president of Hanwha Solutions last year filling the management gap left by the chairman and formalizing a conglomerate-wide responsible management system.
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| Hanwha Solutions President Kim Dong-kwan |
Satrec Initiative specializes in satellite manufacturing and Hanwha Aerospace acquired a 30 percent stake in the company in January.
In the chairman's New Year address he emphasized the space industry as the group's next growth engine.
Many expect the younger Kim to use his global connections and management style to enhance the two companies' competitiveness.
He attended Saint Paul Private High School and graduated from Harvard University before joining the conglomerate.
Kim is highly recognized for his leading role in the merger of Hanwha Q Cells and Hanwha SolarOne as well as other key deals. Last year Hanwha Solutions acquired U.S. energy software company GELI to bolster its competitiveness in the global solar energy market.
