At an extraordinary general meeting held on the morning of May 23, Daewoo Shipbuilding & Marine Engineering (DSME) passed all agenda items, including the change of the company’s name to “Hanwha Ocean Co., Ltd.,” the amendment of the articles of incorporation, and the appointment of nine new directors.

Hanwha became the majority shareholder by securing 49.3% of Hanwha Ocean’s stock, injecting approximately 2 trillion won in capital increase through five of its affiliates, including two subsidiaries of Hanwha Aerospace, Hanwha Systems, Hanwha Impact Partners, and Hanwha Energy.

As such, approximately six months after signing the main contract on Dec. 16 last year, Daewoo Shipbuilding & Marine Engineering is now embarking on a new journey as “Hanwha Ocean,” a subsidiary of the Hanwha Group.

Vice Chairman Kwon Hyuk-woong has been appointed CEO of Hanwha Ocean. In addition, Kim Jong-seo and Jung In-seop were appointed as internal directors. President Kim Jong-seo will head the merchant ship business, and President Jung In-seop will oversee the Geoje business site. Kim Dong-kwan, vice chairman of the Hanwha Group, has been appointed as a non-executive director to take part in management.

Vice Chairman Kim Dong-kwan is committed to rapidly normalizing the management of Hanwha Ocean and expanding into overseas markets. He encouraged the growth of Hanwha Ocean into a global leader in maritime and energy through proper management and talent development.

In a letter to his employees, newly appointed CEO of Hanwha Ocean Kwon Hyuk-woong said, “The employees of Hanwha Ocean have the strength to build a world-class company above Okpo Bay, and Hanwha has a history of leading core businesses through synergy with competent companies via numerous M&As.” He added, “Based on the technologically superior culture of Hanwha Ocean, we will cultivate a sustainable eco-friendly technology company and a global company that can realize stable profits with the world’s top competitiveness.”

Source: BusinessKorea