The Kumho Asiana Group has appointed vice president of Kumho Tire Co., Park Se-chang, as the group’s CEO, Tires & Accessories reports.
Park, the 40-year-old son of group Chairman Park Sam-koo, will lead Kumho Asiana’s strategic management unit with current CEO Seo Jae-hwan.
Last year, Park was promoted to co-CEO from senior vice president, but resigned after three days when major creditors such as the Korea Development Bank and Woori Bank demanded his resignation. Park’s resignation was a setback in the family’s struggle to regain control of the company.
Chairman Park regained majority share of Kumho Asiana Group’s parent company Kumho Industrial last year from creditors for roughly $622.57 million and established Kumho Enterprise to help pay for the acquisition.