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The newly appointed CEO for Daewoo Engineering and Construction on Tuesday vowed to turn the ailing builder into a world-class player through a restructuring process.
“(I will) revive Daewoo E&C’s first-class DNA by improving the (company’s) structure in preparation for an era of low growth,” said Park Chang-min at an inauguration ceremony in Seoul.
“I’ll strengthen financial stability, organizational efficiency and productivity, and will also build trust based on (corporate) ethics.”
“(I will) revive Daewoo E&C’s first-class DNA by improving the (company’s) structure in preparation for an era of low growth,” said Park Chang-min at an inauguration ceremony in Seoul.
“I’ll strengthen financial stability, organizational efficiency and productivity, and will also build trust based on (corporate) ethics.”
The remark came after he was officially appointed at a general meeting of shareholders and the board of directors held on the same day.
The new CEO will face the daunting task of recovering the company’s low stock prices, experts said. The company’s shares closed at 6,040 won ($5.40), down 1.47 percent from the previous day.
It is the first time ever the company has had an outside expert as its CEO.
The 64-year-old CEO previously served as CEO for Hyundai Development Company and the president for the Korea Housing Association.
By Park Ga- young (gypark@heraldcorp.com)
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Articles by Korea Herald
