Fallen Daewoo chief removed

Fallen Daewoo chief removed

SEOUL (AFP): Daewoo Group founder Kim Woo-Choong has been
officially removed from the management of three of the group's
major subsidiaries, including his cherished auto firm, officials
said Thursday.

The move came on Tuesday just as Kim, chairman of the failed
conglomerate, bade an emotional farewell to staff in which he
apologized for the management errors which led to the group's
spectacular collapse.

Officials at Daewoo Motor Co., Daewoo Corp. and Daewoo Heavy
Industries confirmed that chairman Kim Woo-Choong was officially
struck off the management lists of the three companies as of
Tuesday.

The three companies are among the 12 Daewoo units placed under
emergency debt rescheduling programs by creditors. Debt-ridden
Daewoo promised to shed 12 of the 25 units in its business empire
in a bid to avert bankruptcy.