Doosan Group's new chairman vows to turn fortune around

The new chairman of the South Korean engineering and construction conglomerate Doosan Group vowed Monday to speed up restructuring measures and foster new growth drivers to tackle business challenges amid a protracted global slump.

Park Jeong-won made the pledge after taking over the leadership of the Doosan Group in the fourth generational management transfer for the nation's 11th-largest conglomerate, founded in 1896.

Park, the eldest son of former Doosan Group Chairman Park Yong-kon and chief of the group's holding firm Doosan Corp., replaced his predecessor Park Yong-maan, his uncle.

The new chairmanship comes as the Doosan Group is seeking to speed up the sale of core assets in its construction, equipment and defense units in a bid to improve its financial footing.

"Although the global business environment still remains unclear, there are chances for those who challenge," Park said during his inaugural ceremony in southern Seoul. "We will keep working on restructuring efforts to build a sound financial structure."

The new chairman, who has spearheaded the group's new businesses of duty-free operations and fuel cells, stressed the need to foster next generation business platforms beyond its mainstay heavy engineering business.

"I will change Doosan's management to a more aggressive style to encourage employees not to be afraid of failure," he said, calling for efforts to change the corporate culture to focus on everyday business activities.

The 54-year-old served as president of Doosan Engineering & Construction Co., and more recently worked at the group's de facto holding firm, Doosan Corp.

The Doosan Group has top power equipment maker Doosan Heavy Industries Co., No. 1 construction equipment maker Doosan Infracore Co., Doosan Engineering & Construction and a few other affiliates under its wing. (Yonhap)