Hanwha affiliates swap CFOs to manage capital after large acquisition deal

[Courtesy of Hanwha Group]

Hanwha Group has announced a cross-affiliate reshuffle of chief financial officers to ensure rigorous financial management after injecting 2 trillion won ($1.5 billion) into the acquisition of Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) and ahead of a 770 billion won capital increase by major affiliates scheduled for November 2023.

According to sources on Thursday, Hanwha Group conducted a reshuffle of CFOs for Hanwha Systems, Hanwha Solutions, Hanwha Ocean, and Hanwha Aerospace last week. Among the notable changes, Park Ji-cheol, previously a vice president at Hanwha Corp’s support division, is now the head of finance at Hanwha Aerospace, while Jeon Yeon-bo, former vice president of Hanwha Aerospace, has taken on the role of finance head at Hanwha Systems. Yoon An-sik, vice president of Hanwha Systems, has also transitioned to the position of finance head at Hanwha Solutions, and Shin Yong-in, vice president of Hanwha Solutions, is now the finance head at Hanwha Ocean. All these appointments involve horizontal moves among the CFOs of various Hanwha affiliates.

The CFO reshuffle comes as Hanwha Group’s subsidiaries make significant financial commitments. They invested nearly 3 trillion won into Hanwha Ocean this year alone, which has substantially lowered their capital.

The acquisition of Hanwha Ocean prompted capital increases by six Hanwha affiliates: Hanwha Aerospace (1 trillion won), Hanwha Systems (500 billion won), Hanwha Impact Partners (400 billion won), and three subsidiaries of Hanwha Energy (1 trillion won), totaling 2 trillion won for Hanwha Ocean.