Kim Dong-sun, vice president and third son of the Hanwha (000880.KS) Group family, is leaving Hanwha Corp. to concentrate his management focus on the group's tech and lifestyle businesses ahead of an upcoming spin-off.
Kim stepped down from his position as head of the overseas business division at Hanwha's construction unit as of the 31st of last month, according to industry sources Tuesday. The departure comes about two years after his appointment to the role in January 2024.
He will retain his posts as head of future vision (at the vice president level) at Hanwha Galleria (452260.KS), Hanwha Hotels & Resorts, and Hanwha Vision (489790.KS), which he has held concurrently.
Kim will focus on launching Hanwha Machinery and Service Holdings, a newly established tech and lifestyle holding company, after leaving Hanwha's construction division.
Earlier in January, Hanwha's board of directors approved the establishment of Hanwha Machinery and Service Holdings, which will oversee tech affiliates including Hanwha Vision, Hanwha Momentum, Hanwha Semitech, and Hanwha Robotics, as well as lifestyle affiliates such as Hanwha Galleria, Hanwha Hotels & Resorts, and Ourhome.
The spin-off is scheduled to be completed in July after procedures including an extraordinary shareholders' meeting in June. Defense, shipbuilding and marine, energy, and financial affiliates, including Hanwha Aerospace (012450.KS), Hanwha Ocean (042660.KS), Hanwha Solutions, and Hanwha Life Insurance (088350.KS), will remain under the surviving entity, Hanwha Corp.
"The decision was made so that he can concentrate on relevant duties, as the spin-off and establishment of the new holding company are currently being pursued," a Hanwha official said regarding Kim's departure.
