Kwang-Ok Chae, president, Tata Daewoo, was conferred with the 'CEO-Korea Award 2007' by the Economic Review magazine of South Korea, on July 25, 2007. The award is given to an outstanding South Korean CEO who has contributed to the development of the national economy, and generated a sense of achievement among citizens through exemplary leadership and business innovation.

According to the magazine, Chae was chosen based on the exemplary performance of Tata Daewoo - not only for its role in the development of the automobile industry in South Korea, but also for its contribution in generating employment. The magazine said that Chae has been successfully leading the transformation of Tata Daewoo to a highly profitable company through excellent leadership and innovative business management. Under his leadership, Tata Daewoo has recorded increasing exports of its commercial vehicles, while achieving a remarkable 30 percent market share in the domestic market in the medium commercial vehicle segment in the very first year of launch, the magazine added. Chae is also the first CEO from the commercial vehicle industry to win the '100 million Export Tower' award in 2006.