The Hanwha Business Group in Seoul announced on Aug. 8 that Hanhwa has nominated Kwon Hyuk-woong, president of Hanwha's support division, as the new CEO of Daewoo Shipbuilding & Marine Engineering on a promotion to the position of vice chairman.
Former CEO Kim Jong-seo of the Hanwha Total Energy and former CEO Chung In-seop of Hanwha Energy were both nominated as members of the Board of Directors.
Kwon is a KAIST graduate who has served as CEO of Hanwha Energy and Hanwha Total Energy. Since 2020, he has served as president of Hanwha Support Division, where he focused on identifying new businesses for the future of Hanwha Group and enhancing synergies among affiliates.
Since the announcement of the acquisition of Daewoo Shipbuilding & Marine Engineering in September last year, he has been directly leading the acquisition team. In his new role as CEO of Daewoo Shipbuilding & Marine Engineering, Mr. Kwon will lead the PMI (post-acquisition integration) and rapid business normalization.
Vice Chairman Kim Dong-kwan will also participate in the management of Daewoo Shipbuilding & Marine Engineering in his capacity as other non-executive director. Given his existing roles in the green energy, defense, and aerospace sectors, he was selected as a board member to support the company's rapid business normalization and overseas expansion.
Kim is expected to focus on normalizing the business and improving the company's financial conditions. The plan is to maximize the combined synergies of Hanwha and Daewoo Shipbuilding & Marine Engineering to transform Hanwha Group into a "green energy value chain major," "national defense company," and "maritime solutions leader.”
Meanwhile, Hanwha Group has also decided to accept the KFTC's conditional approval of the 'Hanwha-Daewoo Shipbuilding & Marine Engineering' merger review on March 27 as a step toward strengthening the competitiveness of the national shipbuilding industry.
On March 23, Hanwha will participate in a 2 trillion won capital increase of Daewoo Shipbuilding & Marine Engineering, securing a 49.3 percent stake in Daewoo Shipbuilding & Marine Engineering and becoming the majority shareholder, while holding an extraordinary general meeting of shareholders to finalize the acquisition process, including changing the name and appointing new management.