Hanwha Solutions has appointed Kim In-hwan, CEO of Hanwha Advanced Materials (photo), as its new Business Chief for the Chemicals division. This move appears aimed at accelerating efforts to strengthen the competitiveness of the chemicals business and improve its structure toward high-value-added operations amid a full-scale restructuring of South Korea's petrochemical industry triggered by oversupply from China.
According to the petrochemical industry on the 2nd, Hanwha Solutions recently established a new 'Business Chief' organization within its Chemicals division and assigned Kim (CEO) as the Business Chief. The Business Chief will oversee key operational issues in the Chemicals division and manage medium- to long-term business strategies. Hanwha Solutions' Chemicals division produces petrochemical products such as caustic soda, polyvinyl chloride (PVC), and polyolefin (PO).
This personnel change is notable for introducing a dual-leadership structure with both the current CEO of the Chemicals division, Nam Jeong-woon, and a Business Chief. This shift comes amid prolonged weakness in the petrochemical market. Hanwha Solutions' Chemicals division recorded an operating loss of 249.1 billion won last year. Although it turned profitable in the second quarter of this year with an operating profit of 87.1 billion won, domestic demand recovery remains insufficient. Additionally, the positive effects from supply disruptions in the Middle East and the resulting rise in product prices that contributed to improved first-half performance are expected to be limited in the second half.
In response, Hanwha Solutions is believed to have appointed Kim, an engineer-turned-executive with over 30 years of experience across chemicals and materials within the Hanwha Group, to bolster the Chemicals division's competitiveness and drive structural improvements. Born in 1968, Kim earned bachelor's and master's degrees in chemical engineering from Pohang University of Science and Technology before joining Hanwha in 1993. At Hanwha Chemical, he served as So Jae-sa-eop (Team Lead) of the Solar Business Unit, followed by roles as Head of Polysilicon Business Planning Team and Head of Polysilicon Business Division. His strength lies in having gained hands-on experience from business planning to commercialization and operations during Hanwha Chemical's full-scale launch of its polysilicon business.
In 2018, he moved to Hanwha TotalEnergies, where he led the Resin Business Division for about four years, steering traditional petrochemical operations. In 2022, he transferred to Hanwha Solutions' Advanced So Jae-bu-mun (CEO) division and later that year became CEO of Hanwha Advanced Materials, which was established through a spin-off from the Advanced Materials division. Having gained experience across new businesses, petrochemicals, and advanced materials, he is widely regarded as possessing both deep technical understanding and strong business management capabilities.
Hanwha Chemical, the predecessor of Hanwha Solutions, previously operated the Business Chief position. Former Hanwha Solutions Chemicals Division CEO Lee Gu-young served as Head of Business Strategy Office in 2018 before being appointed Business Chief, and was promoted to CEO in 2019. Following the 2020 merger of Hanwha Chemical and Hanwha Q Cells & Advanced Materials to form Hanwha Solutions, he also assumed the role of Chemicals Division CEO. Given that there is a precedent of individuals advancing from Business Chief to CEO, the establishment of this new position has drawn significant attention. In response, a Hanwha Solutions representative stated, "We have established a Business Chief organization and appointed Kim as Business Chief to strengthen business execution."
in INDUSTRY
