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People

Hanwha Momentum nominates Hong Soon-jae as new chief executive

Hanwha Momentum on Feb. 2 said it has nominated Hong Soon-jae as its new chief executive. Hong, a KAIST graduate school of management master\'s degree holder, joined Samsung Aerospace in 1996 and later held roles including head of management support and global business operations. The company said it will diversify its business portfolio, bolster existing businesses such as secondary battery equipment and logistics automation, and expand into glass substrates, energy storage systems and humanoid robots.

Industry

Hanwha approves spin-off to end conglomerate discount

Hanwha will separate its defence, shipbuilding, energy and finance operations from its tech and life businesses after its board approved a shareholder spin-off on Jan. 14. The existing company will keep the core industrial businesses, while a new company will hold tech and consumer units. Hanwha expects the move to ease a conglomerate discount and improve decision-making. It also plans to cancel 4.45 million common shares, raise the minimum dividend and buy back remaining old preferred shares for cancellation.