Kim Dong-kwan, Hanwha Solutions president and the eldest son of Hanwha Group chairman Kim Seung-youn, has accepted a request to join the board of Korean satellite developer Satrec Initiative (SI) as a non-executive director, Hanwha said on Monday.
SI founded by KAIST engineers in 1999 earned fame for the development of the first Korean satellite and a series of advanced small satellites.
SI had sought Kim’s participation to leverage his global network for business expansion since Hanwha Aerospace acquired a 30 percent stake in SI last month.
Kim will work without pay for SI, while taking on the role of helping SI advance into the world and ensuring the independent day-to-day management of the current leadership team.
Shin Hyun-woo, president of Hanwha Aerospace president, and Kim Seung-mo, head of Hanwha Corporation’s defense division were also nominated to join the SI board as gratuitous non-executive directors.
The aerospace industry notices the combination of SI’s unique technology, Hanwha Aerospace’s funding power, and Kim Dong-kwan’s global network.
Kim is a regular participant of Davos since 2010, where he has built cooperative relations with global business and political leaders. Hanwha Solutions is a top player in the solar power module market of the United States, Britain and Germany. Last year Hanwha Solutions installed 350,000 solar power modules at Facebook’s datacenter. SI is due to hold a shareholder meeting next month to approve the nomination.
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