Kim Dong-kwan, 37, the eldest son of Hanwha Group Chairman Kim Seung-yeon and vice president of Hanwha Solutions, was promoted to CEO. It has been a year since he was promoted to vice president last year.
Hanwha Solutions was launched in January this year as an integrated corporation. Kim’s promotion in less than a year seems to speed up Hanwha Group's "third-generation management."
Hanwha Group announced on Sept. 28 that it has carried out early appointments of CEOs of 10 affiliates with the aim of preemptively responding to the "post COVID-19" era.
"The new CEO Kim, who took the helm of the strategy division with the launch of Hanwha Solutions in January this year, led the reorganization of the business to make a leap toward an eco-friendly energy and high-tech materials company, and contributed to creating a stable profit structure. One of the reasons for the promotion is that Kim's expertise and rich network are needed in the global renewable energy market,” a Hanwha official said.
Kim led the acquisition of Q Cells and the merger with Hanwha Solarone in the past. Hanwha's solar energy business succeeded in turning into a surplus in 2015 and is currently consolidating its lead in major markets such as the United States, Europe and Japan.
Based on the performance of its solar energy business, Hanwha Solutions posted a surplus of more than 100 billion won for the first and second quarters of this year. "After the integration of the three business sectors, we were able to create synergy through the establishment of a crisis response strategy and the execution of the strategy," the official said.
Kim also played a leading role in securing future competitiveness. Hanwha Solutions acquired U.S. energy software company GELI to pave the way for its entry into the future energy business based on the fourth industry using big data and artificial intelligence (AI).
In August, it won a 315MW Portuguese power plant business and entered the solar power plant business that combines ESS (Energy Storage System).