Will Hanwha Chairman Seung-yeon Kim return after 7 years? Business return’countdown’

Seungyeon Kim Chairman of Hanwha Group [사진 한화그룹]

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Will Kim Seung-yeon (69), Chairman of Hanwha Group, come to the front again in 7 years? As Chairman Kim’s employment restriction period ends on the 18th, the prospect of returning to CEO again is predominant, and his new title is expected to be confirmed at the general shareholders’ meeting next month.

According to Hanwha and the business community on the 13th, the employment restriction period for Chairman Kim will end on the 18th. In August 2012, Chairman Kim was convicted of malpractice for unfairly supporting insolvent affiliates, and was sentenced to three years in prison and five years probation. Immediately after the final decision, he resigned from the representatives of seven affiliates including Hanwha Corporation, Hanwha Solutions (then Hanwha Chemical), and Hanwha E&C. According to the Specific Economic Crimes Weighted Penalty Act (Special Privilege Act), Chairman Kim was banned from working at the company for two years after the probation period.

The business community believes that there is a high possibility that Chairman Kim will return as the CEO of major affiliates including Hanwha Corporation. An official of a company who requested anonymity said, “The business environment at home and abroad is not good due to the aftermath of the novel coronavirus infection (Corona 19).” I said. Chairman Kim currently participates in the overall management as the head of the company, but he does not have the title of CEO, so his official activities are restricted. There is also an analysis that President Kim wants to direct management classes to his sons, including his eldest son, Kim Dong-gwan (38), President of Hanwha Solutions, his second son Kim Dong-won (36), executive director of Hanwha Life Insurance, and his third son Kim Dong-sun (32), managing director of Hanwha Energy. .

Like driving in aerospace and renewable energy

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Last month, Hanwha Energy agreed to jointly promote the development and operation of solar power business in the US market by establishing a joint venture with France Total. [사진 한화에너지]

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Inside and outside Hanwha, the return of Chairman Kim is expected to give more power to future industries such as aerospace and renewable energy, which are currently being promoted. Earlier this year, Chairman Kim said in his New Year’s address, “We need to preoccupy future growth opportunities in new businesses such as future mobility, aerospace, green hydrogen energy, and digital financial solutions.” “True global in fields such as K Defense, K Energy, and K Finance. Let’s move on to the leader.”

In addition, Chairman Kim’s relationship with US political and relations is expected to help Hanwha’s new business. The late Kim Jong-hee, the founder of Hanwha Group, served as a director of the Korea-US Friendship Association during his lifetime, and Chairman Kim also served as the chairman of the Korea-US Exchange Association, which was established in 2001. President Kim has maintained close ties with both the Republican and Democrats of the United States, and has been invited to the inauguration of former Presidents Bill Clinton and former President Donald Trump, respectively. It has also maintained a relationship with the American Heritage Foundation for a long time. In particular, the newly launched Biden administration is concentrating on eco-friendly policies such as supporting investments in renewable energy infrastructure, and analysts say that it will be a boon for Hanwha’s related projects such as solar and hydrogen.

There is also the opinion of the FKI president, but the possibility is low.

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Hanwha Group Chairman Kim Seung-yeon is entering to condolence to the late Samsung Group Chairman Lee Kun-hee at the funeral hall of Seoul Samsung Hospital last year in Gangnam-gu, Seoul. [사진공동취재단]

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Meanwhile, in line with the possibility of Kim’s return, the next president of the National Federation of Entrepreneurs (Former Gyeongryeon) is also coming out. This is because the term of office of Chairman Huh Chang-soo ends at the end of February. Chairman Huh has been leading the FKI for 10 years since taking office in 2011. SK Group Chairman Choi Tae-won will take over as the next chairman of the Korea Chamber of Commerce and Industry, and opinions are raised on whether the FKI should also meet a new leader for renewal.

Currently, Chairman Kim is in the positions of vice chairman of the Federation of Korean Industries, along with Woong-yeol Lee, Chairman of Kolon, Lotte Chairman Dongbin Shin, Samyang Holdings Chairman Kim Yun, and former Chairman of Kumho Asiana Group, Park Sam-koo. However, in the business world, the prospect that Chairman Kim will take over the position of the FKI president is predominant. The public opinion is that it will be burdensome for anyone to take over as the next chairman of the FKI after the Gukjeong Nongdan incident in 2016. Since there is no restriction on consecutive terms of the FKI president, there is a high possibility that Huh will continue to hold the position.

Reporter Kim Kyung-mi [email protected]



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