Hanwha to focus on young talent in upcoming executive appointments

Hanwha Group Vice Chairman Kim Dong-kwan. [Courtesy of Hanwha]

Hanwha Group will appoint new C-level executives for its affiliates, starting with Hanwha Life Insurance Co. and Hanwha Galleria Corp. on September 1.

Anticipation is growing that the potential appointees will mainly be younger executives in their 40s and early 50s. In recent years, Hanwha Group typically named chief executive officers (CEOs) for its affiliates in August and September, followed by executive appointments in October. Hanwha Group Vice Chairman Kim Dong-kwan, who has actively looked for external talent with expertise and global awareness, is expected to prioritize the younger generation in leadership roles.

Hanwha Corp’s semi-annual report for 2023 revealed that 33 percent of new appointments to strategic positions since the second half of the previous year came from outside the company. These strategic appointments fall under Kim’s domain, and all executives in the support division, led by Hanwha Corp vice president Keum Choon-su, were internal promotions.

This distinction underscores Kim’s approach of proactively recruiting external talent to inject dynamism and diversity into the corporation. Many of the newly appointed executives are in their early 40s and 50s.

Analysts are projecting that Kim will call on senior executives to depart from traditional practices. He is also said to have planned a significant overhaul of the organizational culture by appointing younger, highly skilled individuals from outside the group to key positions.

Kim is reportedly leading the group with a focus on the Planning and Coordination Office and the Human Resources Office as the organization’s core. Among them, Jeon Tae-won, aged 46, holds a prominent role. Jeon, in charge of strategic planning, earned a master’s degree from the University of Pennsylvania’s Graduate School of Business and his career includes stints at Korea Development Bank (KDB) and Morgan Stanley PE. He is also tasked with heading Hanwha Futureproof, which oversees the company’s North American business operations.

Another key figure among the candidates is Sohn Myung-soo, aged 52, who currently serves as the managing director of Human Resources Strategy. He previously worked at the consulting firm Watson Wyatt Worldwide, Inc. before assuming the role of head of human resources at Samsung C&T Corp.

Jung In-seop, aged 53, who serves as the president of Hanwha Ocean, and Park Seung-duk, aged 53, Vice President & Head-Strategy at Hanwha Solutions Corp, also stand out for their relative youth in the leadership group.

Jung has a diverse professional background, including service as a secretary to former Daewoo Group Chairman Kim Woo-joong and administrator at the Blue House, and currently oversees operations at the Geoje shipyard.

Park Seung-duk, vice president at Hanwha Solutions, handles the company’s solar and chemicals sector’s overall strategy.