South Korea’s Hanwha Group on Friday reshuffled the executives of its chemical, defense and insurance units after realigning the businesses to drive synergy and innovation through long-term strategies.
Hanwha Group said on Friday it named Ok Kyeong-seak, chief executive of Hanwha Corp.’s explosives division, to oversee the company’s new unit that combines the previous explosives and defense divisions to boost synergy given high similarity in the two businesses.
Ok, who previously worked for Samsung Electronics Co., is an expert in business management and innovation, Hanwha said. Upon joining Hanwha Group in 2016, Ok led Hanwha Chemical Co.’s polysilicon business unit and Hanwha Engineering & Construction Corp.’s management efficiency division. He was promoted to chief executive of Hanwha Corp.’s explosives division in October last year and has since put out efforts to improve management and establish mid- to long-term strategy to bring change and innovation in the group’s explosives business.
Yeo Seung-joo, an executive of strategic planning at Hanwha Life Insurance Co., was also named co-chief executive of the insurance company that is also headed by vice chairman and chief executive Cha Nam-gyu. Yeo, former chief executive of Hanwha Investment & Securities Co., is a financial specialist that has built a career in diverse divisions at Hanwha Group including head of finance at Hanwha Life Insurance.
Lee Ku-young, executive director and head of Hanwha Chemical’s business strategy division, was promoted to vice president and executive in charge of business in general. Lee headed operations at Hanwha Q Cells Co.’s overseas corporations in China, Germany, and United States.
Hanwha Group said that it allocated executives capable of boosting synergy among business units and establishing mid- to long-term growth strategies up front to introduce strategies on major businesses and become an innovative global entity.
By Moon Ji-woong and Lee Eun-joo
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