Then-Hanwha Group Vice Chairman Kim Dong-kwan, front row second from right, gives Canadian Prime Minister Mark Carney, front row third from right, a tour of Hanwha Ocean's plant on Geoje Island, South Gyeongsang Province, Oct. 30, 2025. Kim was recently promoted to executive vice chairman. Courtesy of Hanwha Ocean
Hanwha Group has nearly finalized the group’s succession from its second-generation owner family members to its third-generation ones, clarifying the roles of Chairman Kim Seung-youn’s three sons with a series of promotions and business reshuffling.
The high-level promotions, paired with a major corporate spin-off, signal a shift toward performance under a “responsibility-based management” system led by the Kim brothers and supported by seasoned professional executives.
The cornerstone of the overhaul is the vertical split of Hanwha Corp. into two entities — a surviving company focused on defense, shipbuilding, energy and finance, and a new company, Hanwha Machinery & Service Holdings (Hanwha M&S), covering machinery, robotics, semiconductor equipment, retail, leisure and food services. The asset split ratio stands at roughly 76 percent for the surviving entity and 24 percent for the new one, with both set to relist on Aug. 25.
