Daewoo India CEO quits

By Our Special Correspondent

NEW DELHI, JUNE 18. The India head of the loss-making Daewoo Motors, Mr. Y. C. Kim, has severed his links with the company after nearly three decades of association. As an expatriate, Mr. Kim was associated with the company's Indian operations for over five years.

A company release said health reasons have forced him to quit Daewoo India as its Managing Director and CEO and migrate to the U.S.. Mr. Y. T. Cho has been nominated in his place with the unenviable task of pulling Daewoo India out of the red. A year ago, the first Indian CEO of Daewoo India, Mr. S. G. Awasthi, had found the problems facing the company insurmountable and had quit the company.

In a communique, Mr. Kim said he had wanted to complete the total restructuring of Daewoo India. But his departure had become unavoidable due to ill-health.

Send this article to Friends by E-Mail

Section  : Business
Previous : BT parts ways with Bharti
Next     : Rupee extends gains