Doosan Heavy Industries & Construction Appoints Park Sang-hyun, Vice President of Doosan Bobcat, as CFO... Choi Hyung-hee Resigns as CFO

[Asia Economy Reporter Ki-min Lee] Doosan Heavy Industries & Construction appointed Park Sang-hyun, Vice President and CFO of Doosan Bobcat, as its new Chief Financial Officer (CFO) on the 21st.

This appointment follows the resignation of Choi Hyung-hee, CFO and Vice President CEO of Doosan Heavy Industries & Construction. However, Vice President Choi will retain his position as CEO.

This personnel change appears to be based on the judgment that Doosan Heavy Industries & Construction's efforts to improve its financial structure have largely borne fruit and that a change in atmosphere is needed.

CEO Choi reportedly expressed his intention to resign, stating that he fulfilled his role in urgently resolving the cash crunch following the creditors' financial support.

Vice President Park Sang-hyun is a financial expert who has served as CFO at Doosan Group, Doosan Infracore, and Doosan Bobcat. Park, a graduate of Yonsei University’s Business Administration Department, earned an MBA from Duke University’s Fuqua School of Business and became head of the CFO team in the Strategy Planning Division at Doosan Corporation in 2004. He is expected to focus on improving Doosan Heavy Industries & Construction’s financial structure going forward.

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