Ssangyong to Change Name to GS Global
By Yoon Ja-young
Staff Reporter
Ssangyong Corporation changed its name to GS Global, and appointed a new president and CFO at its board of directors' meeting Wednesday.
Ssangyong Corporation underwent a workout program with the now defunct Ssangyong Group in 1999, after the group failed to survive the Asian financial crisis. Creditors sold the firm to MSPE in 2006, which handed over the 69.53 percent stake it had in the trading company to GS Group for 120 billion won in May.
After the board of directors' meeting held Wednesday, Ssangyong Corporation said it would officially change its name to GS Global at the shareholders' meeting on July 21.
It also appointed Jung Taik-keun, former vice president of GS Retail as the head of GS Global. Kim Seok-hwan, former executive of GS EPS, was appointed CFO.
GS Group said the new name reflects its plan to become a ``global business creator,'' instead of simply being engaged in trading. ``GS Global will be a control tower for the overseas businesses of GS subsidiaries. This will lead to the globalization of the group as well as creating new business opportunities,'' a GS spokesman said.