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June 19, 2001
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Money > Business Headlines > Report June 19, 2001 |
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Daewoo India chief Kim resigns on health groundsBS Corporate Bureau Daewoo Motors India managing director and chief executive YC Kim has resigned. He resigned after the board of directors met on Saturday to take on record the annual results for 2000-01. Young Tae Cho has been named the new managing director and chief executive. According to an official release, Kim resigned on health grounds and is going back to the US where his family lives. Kim had spent over five-and-a-half years in India. This is the second resignation among the Daewoo Motors India brass in the past one year. Last year, chairman SG Awasthi had resigned to take up employment with the Jaiprakash Gaur-controlled Jaypee Hotels. A veteran of 23 years with Daewoo, Cho comes to India from Poland. Prior to the India assignment, he was executive director, board member, director (sales division), Daewoo Motors Polska, Poland. He has also headed Dae- woo, Peru, Venezuela and Ukraine. Kim's resignation comes after the company reported a decline in turnover and a rise in losses for the last financial year. Daewoo Motors India clocked a turnover of Rs 11.84 billion for the year ended March 31, 2001-a decline of Rs 935 million from last year's turnover of Rs 12.78 billion. During the same time, the company's losses went up from Rs 1.16 billion in 1999-2000, to Rs 3.40 billion for 2000-01. However, a note accompanying the company's annual results says that the financials for the 1999-2000 include the impact of a one-time waiver by Daewoo Motor Company, South Korea, and are, therefore, not comparable with the financials for 2000-01. Kim was the architect of the ongoing restructuring at Daewoo Motors India, which involved hiving off the gear-box and engine plants into separate companies and converting dues to the Korean parent into equity. "Although I wanted to complete the total restructuring as I envisioned it, my decision to depart is unavoidable due to my health," Kim said. In a statement issued in New Delhi on Monday, Kim expressed his deep appreciation to financial institutions like ICICI, IDBI and Exim Bank. He also thanked all the relationship banks like the State Bank of India, Canara Bank, State Bank of Patiala and Indian Overseas Bank for their support to Daewoo Motors India during his tenure. Kim's departure comes at a time when the company has lined up a slew of new models for launch. Powered by YOU MAY ALSO WANT TO READ:
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