Park Denies Creditors Free Use of Kumho Brand - Tire Review Magazine

Park Denies Creditors Free Use of Kumho Brand

As Kumho Tire's Kim Jong-Ho takes the helm Dec. 1, the battle continues between outgoing Kumho Chairman Park Sam-koo and the Korea Development Bank (KDB).

The battle continues between outgoing Kumho Chairman Park Sam-koo and the Korea Development Bank (KDB).

KDB recently decided not to give 2.2 billion won ($2 million) in severance pay to the outgoing Kumho chief, claiming that he failed to turn the company around, which justifies suspending any severance pay.

Now the creditors are reportedly frustrated with Park, head of Kumho Asiana Group, as he refuses to allow the use of the Kumho brand for free. KDB and other creditors claim that Park said he would allow whoever acquires the tiremaker the use of the brand name at no cost; however, Kumho Group officials say Park never promised the free use of the Kumho brand and actually meant that the buyer could use the brand “for a reasonable price.”

According to The Korean Times, “The state-run bank said Friday it has written twice to Kumho Industrial, which owns the Kumho trademark, asking it to provide documents guaranteeing the free use of the brand. But it has not received any reply from the company, which Chairman Park controls.”

A KDB official threatened “”drastic measures” if the issue is not resolved to allow the free use of the trademark.

Beyond the back and forth between Park and the KDB, Kumho Tire is moving forward in a positive direction. In late October, KDB appointed Kim Jong-Ho as the new chairman of Kumho Tire, effective later this week (Dec. 1, 2017). He previously served as CEO for Kumho Tire from 2008 to 2012, and his focus on innovation and technology across all businesses contributed to substantial global expansion.

You May Also Like

Net Driven acquires CarCareConnect

With this acquisition, CarCareConnect customers will gain access to Net Driven’s suite of digital storefront and digital marketing solutions.

Handshake agreement

Net Driven, a provider of digital solutions for the tire and service industry, has acquired CarCareConnect. With this acquisition, CarCareConnect customers will gain access to Net Driven's suite of digital storefront and digital marketing solutions, including "industry-tailored" websites, search engine marketing (SEM), social media management and reputation management, Net Driven said.

Hankook Tire America recalls select Kinergy GT tires

Certain Kinergy GT tires, size 235/60R18H H436, are missing the missing the four-digit week and year code mark.

Recall
TRIB’s new website offers tailored services for members

One of the highlights of the redesigned website is the introduction of the retread environmental savings calculator.

TRIB-new-website
RNR Tire Express to give away NASCAR tickets for Father’s Day promotion

The RNR team will be taking submissions until midnight on Sunday, June 16.

RNR Tire Express
CMA, Double Coin launch dealer portal

This platform provides real-time information and navigation tools for CMA customers to access information and place orders.

CMA_Dealer-Portal

Other Posts

Goodyear names Nicole Gray SVP and chief HR officer

The company also announced Gary VanderLind, senior VP and chief human resources officer, will retire July 1.

Goodyear-Nicole-Gray
Former Firestone executive and grandson of Harvey S. Firestone dies in Maryland

Following service in the U. S. Army, Kimball Firestone joined The Firestone Tire & Rubber Company in 1964 in Akron.

Kimball-C.-Firestone-1400
Continental Tire to rebate customers up to $200 on qualifying tires

Qualifying tires include the ExtremeContact Sport02, ExtremeContact DWS06 Plus and more all-season touring tires.

Over half of drivers say they would delay driving in bad weather

Driving in bad weather is the top challenge for drivers (25%), followed by driving in unfamiliar places (17%) and changing a flat tire (15%).

Stock-Hankook-Gauge-Index-incliment-weather