Hanwha accelerates generational shift with promotion of second son

South Korea’s chemicals-to-defense conglomerate Hanwha Group is accelerating its generational power shift by promoting the group chairman’s second son Kim Dong-won to the president of Hanwha Life Insurance Co.

In an executive reshuffle on Feb. 6, Kim, vice president and chief digital officer (CDO) of Hanwha Life, was promoted to the post of president-cum-chief global officer (CGO) of the life insurer.

The second son of Hanwha Group Chairman Kim Seung-youn is ascending to the post nine years after he joined the company.

Yeo Seung-joo, Hanwha Life’s president and chief executive, will retain his post, overseeing the overall management of the company.

The conglomerate also said it is spinning off the Hanwha Solutions Galleria Division, which runs department stores, from Hanwha Solutions Corp. with a view to listing the new entity on Korea’s main bourse in March.

Kim Dong-seon, the group chairman’s third and youngest son, is in charge of Hanwha Solutions Galleria Division’s business strategies.

PAVING THE WAY FOR POWER TRANSFER

Analysts said the promotion and the corporate restructuring are designed to pave the way for the power transfer from the group chairman to his three sons.

Kim Dong-won, the second son, in his new role, will work out global business strategies for Hanwha Life Insurance, company officials said.

He is credited with achieving a number of innovative feats, including the development of Orange Tree, an insurance sales support platform, they said.

Hanwha Life operates overseas corporations in Vietnam, Indonesia and China.

Born in 1985, he studied at St. Paul High School in California and Yale University's Department of East Asian Studies.

In March 2014, he joined Hanwha L&C Corp., the group's construction materials unit, and moved to Hanwha Life Insurance's corporate innovation division the following year.

At a general shareholders’ meeting on Feb. 6, Hanwha Solutions approved its plan to spin off the Hanwha Solutions Galleria Division, which was absorbed into the parent in April 2021.

With the latest executive reshuffle, analysts said the three sons will consolidate their control over their respective business lines.

Kim Dong-kwan, the eldest son and heir apparent, who takes charge of Hanwha Solutions as vice chairman, will manage the conglomerate’s defense, solar energy and petrochemical businesses.

Kim Dong-won, the second son, will handle the group’s financial businesses, including insurance. Kim Dong-seon, the third son, will lead the leisure business, including Hanwha Hotels & Resorts Co.

Write to Ho-Gi Lee and Kyung-Min Kang at hglee@hankyung.com
In-Soo Nam edited this article.