Hanwha Group, one of South Korea's largest family-controlled conglomerates, announced a significant leadership reshuffle on Thursday, promoting all three sons of Chairman Kim Seung-youn and nominating new chief executives for five affiliates, including Hanwha Aerospace and Hanwha Systems.

The move represents one of the most consequential generational transitions underway among Korea's major chaebols, where founding families retain management control across vast business portfolios spanning defense, finance, energy, and technology.

The South Korean conglomerate elevated its chairman's eldest son, Kim Dong-kwan, to executive vice chairman. Kim Dong-kwan has overseen Hanwha's defense, shipbuilding, aerospace, and energy businesses, including Hanwha Aerospace, Hanwha Ocean, and Hanwha Solutions. The group credited him with driving rapid global growth and successfully executing strategic projects.

His younger brothers received promotions as well in the reshuffle, which takes effect August 1. Kim Dong-won, the chairman's second son and president of Hanwha Life Insurance, was elevated to vice chairman of the group. Kim Dong-seon, the youngest son, was promoted from executive vice president of Hanwha Vision to president.

Hanwha stated that the promotions would strengthen the competitiveness of its major business divisions and accelerate efforts to secure new sources of growth.

The reshuffle follows shareholders' approval earlier this month of a plan to split Hanwha Corp., the group's de facto holding company, into two entities. The move has reinforced expectations that the group will eventually distribute businesses among the three brothers while positioning Kim Dong-kwan at the center of the conglomerate's broader succession structure.

Under the approved plan, the existing company will retain Hanwha's defense, shipbuilding, marine, energy, and financial operations. A newly created company will oversee technology and lifestyle-related businesses, to be headed by Kim Dong-seon.

Hanwha also named new chief executives for five affiliates.

Lee Boo-hwan was nominated as CEO of Hanwha Aerospace's Business Division. Lee previously led the company's European operations and its precision-guided weapons business. He will be responsible for expanding Hanwha's overseas defense network, an area of growing importance as global military spending has climbed in recent years and South Korea has emerged as a significant arms exporter.

Yang Ki-won was nominated to lead Hanwha Systems. Yang previously served as head of Hanwha Corp.'s global division and Hanwha Impact's business division. Hanwha said his experience in developing new business models would support the expansion of the company's global space and defense operations.

Kang Jung-hoon, currently head of Hanwha TotalEnergies' petrochemical complex in Daesan, was named CEO of Hanwha Impact's business division. He is expected to focus on cost reductions and improving profitability.

Hanwha Asset Management nominated Im Dong-jun as its new chief executive. Im previously led the asset manager's US operation and strategic business unit and will be tasked with strengthening its securities investment capabilities and expanding alternative investments.

Kim Ki-chul, the current CEO of Hanwha Vision, was also named to lead Hanwha Semitech while retaining his existing position. He will oversee the expansion of Hanwha's semiconductor equipment business as the group seeks to secure an early foothold in the market.

All nominees will assume their positions following approval at shareholder and board meetings at their respective companies.

Source: Korea Herald Business