SEOUL-- South Korean defense-to-chemicals conglomerate Hanwha Group said Monday it has tapped the eldest son of Hanwha Chairman Kim Seung-youn, as a vice chairman to head key affiliates of the conglomerate, in a move seen as intended to speed up the leadership transfer.

Kim Dong-kwan, president and co-CEO of Hanwha Solutions Corp., will be promoted to a vice chairman and also serve as a co-CEO of its defense unit Hanwha Aerospace Co. and Hanwha Corp., the holding company Hanwha said in a release.

The heir apparent's promotion, subject to approval by shareholders and boards, came as part of Hanwha's reshuffle that included replacements of the top executives at eight other affiliates, including its construction, advanced machineries and energy units.

"The appointments are focused on laying the foundation for sustainable growth by appointing or relocating the CEOs whose expertise and strategies are proven for businesses that are undergoing a revamp," Hanwha said.

Apart from serving in the co-CEO post at Hanwha Solutions, Dong-kwan, 38, has worked as the head of Hanwha Corp.'s strategy division, and chief of Hanwha Aerospace's Space Hub, its control tower for space business.

Last month, Hanwha, the country's seventh-largest business enterprise by assets, announced a plan to revamp the affiliates to bolster its push for green energy, battery and semiconductor components.

Under the regrouping plan, Hanwha said it would combine all of its defense-related units under the wing of Hanwha Aerospace. Hanwha, the holding firm, would acquire Hanwha Precision Machinery Co. that produces chip mounters, and its chemical materials unit Hanwha Impact was to take over Hanwha Power Systems Co., its energy equipment affiliate.

Source: Yonhap News Agency