By Kim Sung-jin
Staff Reporter


Former Doosan Group chairman Park Yong-oh expressed his intent to resign from the chairman’s post of the Asia-Pacific Economic Cooperation (APEC) CEO Summit 2005.

According to the Federation of the Korean Industries (FKI) Tuesday, Park signaled his intent to resign from both the APEC CEO Summit 2005 organizing committee and the Korea-Taiwan Economic Cooperation Committee to FKI chairman Kang Shin-ho.

The conglomerate lobby group, which organizes the global business event, said Park voluntarily expressed his determination to step down from the posts, citing his difficulties resulting from his ongoing power struggle with his brothers.

Park, who was dethroned from his chairman’s seat in Korea’s 10th-biggest family-run industrial conglomerate by his brothers, also intends to relinquish his position as the head of the Finance and Taxation Committee under the FKI.

``It will take some time for us to designate the new entrepreneur to succeed Park as the chairperson of the APEC CEO Summit 2005 because we will have to discuss the matter after FKI chairman Kang returns from his visit to Mexico. He accompanied President Roh Moo-hyun,’’ said FKI deputy secretary general Kook Sung-ho.

``But we’ll make sure that finding a replacement for Park will be carried out swiftly to not create a glitch to the successful hosting of the APEC CEO Summit 2005,’’ Kook added.

In addition, he said the federation needs to receive written letter from Park to process his resignation as the former Doosan chief only expressed his decision to resign verbally.

Park’s resignation from key posts in business-related organizations signals that the so-called ``Princes’ Feud’’ between Park and his brothers represented by Park Yong-sung will terminate with the latter’s triumph.

In contrast, his younger brother Park Yong-sung, who became the new chairman of the Doosan Group and concurrently serves on the International Chamber of Commerce (ICC) and the Korea Chamber of Commerce and Industry (KCCI), was re-elected as the president of the International Judo Federation (IJF) for the third straight term in the Sept. 5 election held in Cairo, Egypt.

``It seems that ex-chairman Park Yong-oh and his brothers reached a compromise as the fraternal power struggle has put the Doosan Group in jeopardy,’’ said a federation official on condition of anonymity.

Park Yong-oh and his aides weren’t available for comment.

Some 400 CEOs and representatives of leading multinational corporations including Microsoft, Intel and Hewlett-Packard are forecast to attend the APEC CEO Summit 2005 to be held in the port city of Pusan between Nov. 17 and 19.

Park has been the target of criticism for failing to fulfill his duties as chairman of the APEC CEO Summit 2005 organizing committee, exhibiting languid efforts to promote the event.

sjkim@koreatimes.co.kr