October 29, 2002
Daewoo Auto & Technology Company launched
Seoul, South Korea – GM Daewoo Auto & Technology Company (GM Daewoo) was publicly launched on Monday following the successful completion of asset title registration and a final equity capital injection by the investors in the new company. The move comes on the heels of the completion of the asset transfer on Oct. 17, Foundation Day for the new company.
Calling it “The beginning of a great journey,” Nick Reilly, GM Daewoo president and CEO, declared GM Daewoo “open for business.” At a press conference to mark the public launch of the company, Reilly unveiled GM Daewoo’s new corporate identity and company logo. The new corporate identity is designed to represent a “company that’s modern, on the move and at the same time recognizes its roots,” Reilly said. Designed to honour Daewoo’s long history in the automotive business and the promise of a bright future, the new corporate design is a contemporary evolution of the former Daewoo logo, he said.
At the public ceremony, Reilly also introduced the members of its Board of Directors (see attachment). Representing each of the four major shareholders, the Board consists of four members from General Motors, including chairman, Frederick A. Henderson, a GM group vice president and president of GM Asia Pacific; three members appointed by the Korea Development Bank, representing the Korean creditors; and one member each from Suzuki Motor Corporation and Shanghai Automotive Industry Corporation (SAIC).
Also introduced was the new company’s Executive Committee, which has day-to-day operational responsibility for the automaker. Reilly noted that the former Daewoo President Young-kuk Lee would continue with the new company as a senior vice president and special counsel to the president. “Y.K. Lee’s leadership, experience and knowledge of Daewoo will be key to our success going forward. We are really fortunate to have him,” said Reilly.
“The new company’s challenges will be significant,” Reilly said, “but our company is absolutely committed to reclaiming and securing a place of prominence in the Korean and global markets. By capitalizing on our strengths in the design and production of high-quality, innovative and affordable vehicles, we expect to grow GM Daewoo into a sustainable and globally competitive company.”
GM Daewoo also gave the media a brief preview of its first new product today. The mid-size sedan will be unveiled to the public for the first time at the upcoming Seoul Motor Show. To celebrate its beginning, the new company, also introduced three new and enhanced editions of the Rezzo and Magnus models.
GM Daewoo, which is headquartered in Incheon, Korea, has manufacturing facilities in Changwon and Kunsan, Korea, and in Hanoi, Vietnam. In addition, the newly named Daewoo Incheon Motors located in Bupyung will produce vehicles for supply to GM Daewoo. GM Daewoo owns nine overseas subsidiaries in Europe and Puerto Rico. GM Daewoo also has design, engineering, research & development, sales, marketing, and administration assets in Bupyung, Korea.