Kumho Tire appoints Kim Jong-ho as CEO
As expected, Kim Jong-ho has returned as chief executive officer of Kumho Tire. The former company president and chief executive officer was named the tyre maker’s new chairman and chief executive officer at an extraordinary meeting of shareholders. It is understood that he will hold this position for a three-year term.
Kim last held the top job at Kumho Tire from April 2009 until his retirement in January 2012. He played a key role in the company’s debt workout programme during this time.
His return follows the collapse in September of negotiations with Chinese tyre maker Qingdao Doublestar Tire to acquire a 42.01 per cent share in Kumho Tire from its creditors. The stake is once again on the market, however the ongoing dispute about use of the Kumho brand name may deter potential suitors from any future bidding round.
In the nine months to 30 September 2017, Kumho Tire recorded a net loss of KRW 59.91 billion (£40.9 million), a 9.1 per cent greater loss than in the same period of last year.