Doosan Group to enter fourth-generation management

Doosan Group Chairman Park Yong-man will soon hand over group management to Park Jung-won, chairman of Doosan Corp., the group's holding company. Park Jung-won is the grandson of Park Doo-byung, the late first chairman of Doosan Group. Going back to Park Seung-jik who established the foundation of Doosan Group by opening "Park Seung-jik Store," Park Jung-won is the fourth successor of the group. Doosan will be entering fourth-generation management for the first time among Korean conglomerates.

Chairman Park Yong-man told Doosan Group's board of directors on Wednesday that time has ripen to succeed management, and recommended Park Jung-won as the board's chairman. Traditionally, chairman of the board of directors at Doosan Corp. has carried group chairman job. So Park Jung-won will officially take office as chairman of the group following the nomination process after the shareholder's meeting on March 25. Park Jung-won holds the highest stake in Doosan Group, at 6.29 percent, among Doosan family.

Until now, Doosan Group has succeeded managerial rights among sons based on its principle of "management by sons" and "primogeniture." Before Park Yong-man took the helm in April 2012, Park Yong-kon, Park Yong-oh, Park Yong-sung and Park Yong-hyun were the group's chairmen.

Meanwhile, Chairman Park Yong-man will retain his position as the chairman of the Korea Chamber of Commerce, while heading Doosan Infracore and Doosan DLI (the group's training institute).

정민지기자 jmj@donga.com