Doosan Group, a leading power equipment and construction conglomerate, ushered in the era of fourth-generation management. Doosan Group recently announced that Park Jeong-won, Chairman of the Group’s de facto holding company Doosan Corporation and the eldest son of former Doosan Group Chairman Park Yong-kon, was designated as the group’s new chairman.
Chairman Park Jeong-won inaugurated as the Group chairman, replacing Chairman Park Yong-maan, as his chairmanship was approved at the regular shareholders’ meeting held in late March. The replacement came as Chairman Park Yong-maan recommended Chairman Park Jeong-won as the next chairman of Doosan Corporation’s board of directors and chairman of the Group. Chairman Park Yong-maan said, “I have been considering resignation for months, and I thought this year would be the proper time to resign when the term of office of a registered director terminates.”
After joining an affiliate of Doosan Group, Doosan Industry, in 1985, Chairman Park Jeong-won has been serving in the Group for 31 years, assuming key managerial positions including executive director at Dongyang Beer (predecessor of Oriental Brewery Company), managing director at Doosan Group, vice chairman of Doosan Engineering & Construction, and president of Doosan Motors. More recently he served as chairman of Doosan Corporation, the Group’s de facto holding company.
In these courses, he has spearheaded the Group’s important new businesses such as duty-free operations and fuel cells, and played leading role in major merger and acquisition (M&A) deals, making conspicuous contribution to transformation and growth of the Group. Notably, the fuel cell division is emerging as a new growth engine of the Group as it obtained orders of over 587 billion won (approx. US$489 million) in two years. He is also the owner of Doosan Bears, one of popular professional baseball teams.
Currently, Doosan Group has top power equipment maker Doosan Heavy Industries, construction equipment maker Doosan Infracore, construction company Doosan Engineering & Construction and several other affiliates under its wing.
Meanwhile, resigning Chairman Park Yong-maan of Doosan Group will serve as chairman of Doosan Infracore to improve its financial structure. He will also inaugurate as chairman of Doosan Leadership Institution, an in-house manpower education and training organization of the Group. He will continue to serve as chairman of the Korea Chamber of Commerce and Industry (KCCI).