Doosan Group to Return 30% of Executive Salaries...Including Chairmen Park Jeong-won and Park Yong-man

In a Move to Normalize Doosan Heavy Industries... Park Ji-won, Chairman of Doosan Heavy Industries, Returns 50% of His Salary

On the 27th, the Doosan Tower building in Dongdaemun-gu, Seoul, is visible as the government decided to inject 1.6 trillion won into Doosan Heavy Industries, which is experiencing financial difficulties, through the Korea Development Bank and the Export-Import Bank of Korea. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Ki-min Lee] All executives of Doosan Group have decided to return 30% of their salaries.

Doosan Group stated on the 2nd, "To normalize Doosan Heavy Industries & Construction, executives of all affiliates will return more than 30% of their salaries starting from April."

Accordingly, Park Jung-won, Chairman of Doosan Group, and Park Yong-man, Chairman of Doosan Infracore, will also return 30% of their salaries.

Executives at the level of Vice President or higher at Doosan Heavy Industries & Construction, which is experiencing management difficulties, have decided to return 50% of their salaries; Senior Executive Vice Presidents will return 40%, and Executive Directors will return 30%. Therefore, Park Ji-won, Chairman of Doosan Heavy Industries & Construction, will return 50% of his salary.

In addition, Doosan Group plans to significantly reduce expense budgets by curbing welfare-related expenditures for employees and has begun preparing specific implementation plans. Earlier, on the 30th of last month, Doosan Heavy Industries & Construction notified employees that support for employees' children's tuition and bonus payments would be temporarily suspended. Furthermore, the process of accepting voluntary retirement applications from about 650 employees has been completed.

A Doosan representative said, "All affiliates will sincerely carry out self-help efforts in unison to achieve the normalization of Doosan Heavy Industries & Construction as soon as possible," and added, "We plan to promptly prepare and submit a business restructuring plan related to emergency funding support from the Korea Development Bank and the Export-Import Bank."