Hanwha Group has carried out major executive promotions and appointed new CEOs for some of its affiliates, effective August 1. The move is designed to strengthen responsible management by the third-generation owner-executives overseeing the defense, finance, retail, and high-tech industries, while accelerating growth strategies across its subsidiaries.

■ Third-Generation Executives Move Up a Step

In this reshuffle, Vice Chairman Kim Dong-kwan is promoted to Senior Vice Chairman. He has led the defense, marine, aerospace, and energy businesses, driving global business expansion and major projects.

Alongside him, Hanwha Life President Kim Dong-won is promoted to Vice Chairman, and Hanwha Vision Executive Vice President Kim Dong-sun is promoted to President. Vice Chairman Kim Dong-won has been credited with strengthening the foundation for future growth by overseeing digital innovation and overseas business expansion in the financial sector. President Kim Dong-sun has expanded business areas in high-tech industries, including entering the semiconductor equipment market, in addition to expanding the retail, leisure, and food and beverage businesses.

Hanwha Group intends to use these promotions as an opportunity to enhance the competitiveness of each business division, accelerate new business expansion, and secure future growth engines.

■ New CEO Appointments for Five Affiliates

The Group also announced CEO nominee appointments for five affiliates.

• Hanwha Aerospace Business Division — Nominee Lee Bu-hwan. A specialist in ground weapon systems R&D and overseas business, who previously served as head of Hanwha Aerospace's European subsidiary and head of the PGM Business Division. He will be responsible for establishing overseas defense hubs and expanding global business. • Hanwha Systems — Nominee Yang Ki-won. Former representative of Hanwha Corporation's Global Business Division and Hanwha Impact Business Division. Based on his experience in discovering new business models, he will lead global business expansion in the space and defense sectors. • Hanwha Impact Business Division — Nominee Kang Jung-hoon. Currently the plant manager of Hanwha TotalEnergies' Daesan plant. Based on his field experience in the petrochemical sector, he is expected to drive cost innovation and improve the profit structure. • Hanwha Asset Management — Nominee Lim Dong-jun. Having served as head of Hanwha Asset Management's U.S. subsidiary and head of the Strategic Business Unit, he will be responsible for strengthening competitiveness in securities management and driving global business growth through expanded alternative investments. • Hanwha Semitech — Current Hanwha Vision CEO Kim Ki-chul has been nominated. Based on his experience leading the overseas-focused restructuring of Hanwha Vision, he will concurrently serve as CEO of Hanwha Semitech, spearheading the expansion and market preemption of the semiconductor equipment business.

Hanwha Group explained that it selected CEO candidates who are best suited to ensure management stability and execute mid- to long-term growth strategies at each affiliate. The newly nominated CEOs will be officially appointed after going through relevant procedures, including shareholders' meetings and board of directors' meetings at their respective companies.