Hanwha Momentum said on Feb. 2 it has nominated Hong Soon-jae (홍순재) as its new chief executive. Hong holds a master's degree from the Korea Advanced Institute of Science and Technology (KAIST) Graduate School of Management and joined Samsung Aerospace in 1996. Samsung Aerospace is now the predecessor of Hanwha Vision. He later served as head of the management support office and head of the global business operations office, among other roles.

Hong worked in Hanwha Vision's Future Innovation TF, where he engaged in identifying future growth engines for Hanwha Group's tech solutions business. Based on long-standing expertise in the machinery industry, he has delivered results in domestic and overseas sales and strategy development.

A Hanwha Momentum official said, "With intensified technology competition and rising production costs, the situation requires differentiated change and innovation." The official added, "Based on a strong understanding and expertise in the machinery industry, we expect him to identify new growth drivers for the company."

Hanwha Momentum plans to diversify its business portfolio under the new chief executive. It aims to strengthen competitiveness in its existing core businesses, including secondary battery equipment and logistics automation, while expanding into new areas such as glass substrates, energy storage systems (ESS) and humanoid robots. It is also speeding up development of next-generation process technologies, including all-solid-state batteries, in addition to establishing a process research institute at its secondary battery R&D center last year.

Hanwha Group is pushing ahead with a spin-off of its tech solutions business and life solutions business. This is expected to generate collaboration and synergy within and outside the businesses. A Hanwha Momentum official said, "We will strengthen the fundamentals of our existing core businesses while expanding our business areas through continued development of new technologies to lead the global market."