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Doosan conducts management shakeup
Kim Woong-beom, CEO of Doosan DST
Korea Times
Kim Woong-beom, CEO of Doosan DST

Doosan Group announced changes to its top management, on Wednesday, December 31, 2008.

Following the reshuffle, Shim Kyu-sang, formerly a senior advisor to Doosan Heavy Industries & Construction, was promoted to president and chief operating officer (COO) after expanding the company's presence in the overseas plant sector.

Kim Woong-beom, the former executive vice president of the group's construction equipment unit, Doosan Infracore, was named CEO of the recently branched off Doosan DST.

Forty-five midlevel managers were promoted to executive-level, according to Doosan spokesman Shin Dong-gyu. Shin said the reshuffle was aimed at maximizing efficiency in the group's key cash-cow segments when the global credit crunch eases from 2010.

In a New Year message to employees, Chairman Park Yong-sung said the nation's mid-sized conglomerate will reap 1.8 trillion won in operating profit out of 25 trillion won in sales.

The new sales projection is an increase of 9 percent from last year, while the latest target for operating profit is 28 percent higher than 2007.

"We intend to maintain solid cash flow,' Park said. The emphasis on "cash'" comes after food, beverage and clothing company Doosan sold its packaging unit, Doosan Techpack, to a private equity fund for 400 billion won in November.

Meanwhile, Doosan picked the Lotte Group as the preferred negotiator for its liquor unit, estimated to be worth 600 billion won.