Hanwha Aerospace Co., a leading South Korean defense company, said on Monday it has hired Michael Coulter, a former senior executive at US-based Italian defense firm Leonardo DRS, as its global defense business chief.
Hanwha Aerospace, the aircraft engine-making unit of Hanwha Group, said Coulter will oversee the group’s entire overseas defense business, including operations run by affiliates Hanwha Ocean Co. and Hanwha Systems Co.
He will be the first foreign executive in charge of the defense business at a big Korean company.
Hanwha Aerospace’s Korean business will be led by its current CEO Son Jae-il.
Hanwha officials said the company decided to tap Coulter as its global defense business chief as the conglomerate looks to more aggressively tackle international markets.
Underlining Hanwha Aerospace’s ambitions for international sales, the role is newly created, according to the company.
“With the recruitment of Michael Coulter, we aim to grow into a world-class defense company by offering integrated land, sea and air defense solutions, focusing on core global markets such as the US,” said a Hanwha Aerospace official.
MILITARY AND GOVERNMENT BACKGROUND
“I’m honored to be asked to join one of the most respected companies in the world,” said Coulter. “While serving in the industry, I’ve been impressed by Hanwha’s continued growth as a leader in aerospace and defense and the commitment to deliver for its customers.”
A graduate of the University of Maryland with a degree in political science, Coulter was senior vice president of Corporate Business Development at Leonardo DRS and president of Leonardo DRS International.
Prior to joining Leonardo DRS, Coulter worked for General Dynamics Corp., where he led the company’s international business development activities.
He joined the aerospace and defense industry after a career in the US government.
At the Department of Defense, Coulter served as acting assistant secretary of defense; principal deputy assistant secretary of defense for international security affairs; and principal deputy for strategic plans and policy of the Joint Staff.
Before his time at the Pentagon, Coulter served at the Department of State as deputy assistant secretary of state for political-military affairs.
A reserve officer in the US Navy with multiple combat tours and experience in the Middle East, Europe, Asia and Africa, Coulter, in his military capacity, has also served within the North Atlantic Treaty Organization, the Defense Intelligence Agency, the Office of Naval Intelligence, and the Office of the Chief of Naval Operations.
PRIORITIES AT HANWHA
Industry officials said his priorities at Hanwha will include arms sales in Europe and the Middle East, as well as Hanwha Ocean’s submarine maintenance, repair and overhaul (MRO) business in the US and other markets.
Under the new Donald Trump administration, Hanwha is expected to gain ground in the US submarine MRO market, which is estimated at 20 trillion won ($14 billion) a year.
Hanwha Aerospace, Korea’s answer to Elon Musk’s SpaceX, has been actively pursuing aerospace and defense businesses after absorbing Hanwha Defense Co. in 2022 to create synergy and cut costs.
Earlier this year, the company said it was spinning off its non-core units to focus on defense and aerospace businesses – key growth engines of the chemical-to-defense industry conglomerate.
Hanwha Aerospace has been one of Korea’s leading weapons system exporters.
In April, the company signed a $1.64 billion deal to supply 72 units of the Chunmoo multiple-launch rocket system, dubbed MLRS, to Poland.
The $1.64 billion Chunmoo contract is part of an estimated $22 billion agreement Korea reached with Poland in 2022.
By Sang-Hoon Sung
uphoon@hankyung.com
In-Soo Nam edited this article.
