Doosan Conducts Shakeup
By Kim Yoo-chul
Staff Reporter
Doosan Group announced changes to its top management, Wednesday.
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