Doosan Corp. chairman Park Yong-maan was elected as chairman of Doosan Group at a shareholders’ meeting Friday.

The 57-year-old businessman is the fourth son of first group chairman Park Too-pyung. He will replace Park Yong-hyun, the current group chief and the founder’s third son.

“Chairman Park Yong-maan will preside over the overall group strategy as the new chief, taking over the responsibilities of Park Yong-hyun,” the group said in a statement.

The decision came as chairman Park Yong-hyun resigned from his post to be a board member of Yonkang Foundation, the group’s contribution arm that funds scholarships and academic and cultural events.

Park Yong-maan, also chairman of Doosan Infracore, the group’s construction equipment arm, has been known for his aggressive management style after acquiring Bobcat, the world’s largest maker of compact construction equipment from Ingersoll Rand for $4.9 billion.

In recognition of his contribution to the nation’s heavy industry, the government awarded him last week with the Gold Tower Order of Industrial Service Merit.

Founded by Yong-maan’s grandfather in 1896, Doosan Group started as a single store in Seoul but moved rapidly into beer and later beverage industries.

By Cynthia J. Kim (cynthiak@heraldcorp.com)