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Yongmaan Park becomes Doosan Group Chairman

Elected as Board Chairman of holding company Doosan Corp.
Chairman Y.H. Park resigns to focus on corporate social responsibility


Doosan Group’s holding company, Doosan Corp., held a meeting of its board of directors and elected Yongmaan Park, 57, as its chairman on March 30.

Chairman Yongmaan Park, who has thus far led the practical management of Doosan Corp. as its CEO, will henceforth double up as chairman of the company’s board of directors to comprehensively represent the business group and to succeed Chairman Y.H. Park.

The decision was made by Doosan Corp.’s board of directors in the wake of the resignation of the outgoing Chairman Y.H. Park, who said, “Since my inauguration in 2009, I have often thought that I would like to spend more of my time on corporate social responsibility after laying the foundations for Doosan to take a leap forward towards becoming a global enterprise,” adding, “I have made the decision because the management system has proven sound since our transition into the holding company structure, and because I believe it is time someone who is the most qualified in further developing Doosan into a global enterprise assumed the post.”

Chairman Y.H. Park plans to increase his dedication on corporate social responsibility by serving as chairman of the Doosan Group Yonkang Foundation and the Korean Business Council for the Arts.

Chairman Yongmaan Park played a leading role in transforming Doosan from a domestic consumer goods company into a global Infrastructure Support Business (ISB) enterprise after initiating a vigorous corporate restructuring drive in the mid-1990s.

Notably, he changed the direction of Doosan’s business by acquiring Hanjung (currently Doosan Heavy Industries & Construction) in 2001, and Daewoo General Machinery (currently Doosan Infracore) in 2005. He also spearheaded practical process in taking over Bobcat in 2007 in order to enable Doosan to secure fundamental technology and expand into overseas markets.

Through these changes, Doosan increased its annual sales from US$ 3 billion in 1998 to US$ 23 billion in 2011. It also saw the ratio of its domestic to foreign sales improve from 88:12 in 1998 to 39:61 in 2011.

Chairman Yongmaan Park is a business leader who has earned a strong reputation for his effective management of human resources and communication skills in the business community. He has emphasized the importance of human resources so strongly that he himself created the advertising copy “People are the future.” He has also taken part in company information sessions and introduced the company’s vision to college students every year, as well as participating in interviews held overseas to recruit foreign graduate students with MBAs.

Additionally, Chairman Park has engaged in communication with people from many walks of life, not to mention Doosan’s internal executives and staff members, and thus has changed the public’s conventional perception of large corporations. In order to hold frank and open discussions with executives and staff members, Chairman Park also developed an in-house SNS channel, and has more than 130,000 followers on Twitter.

Chairman Park is a graduate of Kyunggi High School and Seoul National University, and acquired his MBA from Boston University. After working with Korea Exchange Bank, he joined Doosan Engineering & Construction in 1982 as a staff member, and has held various positions at Doosan Beverages, Oriental Brewery, the Strategic Planning Headquarters of Doosan Corp., and Doosan Infracore for 30 years, before assuming the chairmanship of Doosan Group.


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