Kumho Tire VP appointed CEO of Kumho Asiana

The Kumho Asiana Group has appointed Kumho Tire vice-present Park Se-chang the group’s chief executive officer. According to a Kumho press release, 40-year old Park, the only son of group chairman Park Sam-koo, will lead Kumho Asiana’s strategic management unit with current CEO Seo Jae-hwan.

Park Se-chang has held various positions at Kumho Tire over the past decade. Last year he served as co-CEO for a total of three days after being promoted from senior vice-president to the position. He relinquished his new role after major creditors, including Korea Development Bank and Woori Bank, demanded his resignation.

Park’s resignation was viewed at the time as a setback in the family’s struggle to regain majority ownership of Kumho Industrial, de facto holding company for the tyre maker, from its creditors. The setback proved temporary: Park Sam-Koo realised this goal at the end of last year when he paid the Korea Development Bank Krw 722.8 billion (£418.4 million) to reacquire a 50 per cent plus one share stake in Kumho Industrial. Park junior’s return to the group has been expected since this transaction was completed.