Two Kumho co-CEOs resigned a few days following the pair’s appointment to the jobs, according to the Korea Herald.
Lee Han-seon and Park Se-chang, son of Kumho Asiana Group chairman Park Sam-koo, resigned from the position of CEO after the company’s major creditors demanded the pair’s resignations. The banks cited procedural problems with appointments as reason for the resignation, the Korea Herald reported.
Kumho’s major creditors, which together own 42.1% of the company, said the company unilaterally carried out the leadership change without their approval.
Kumho agreed to gain approval from its creditors prior to making key decisions or undertaking major leadership changes when it completed a four-year-long debt workout program, the Korea Herald said.
With the resignation of Lee and Park Se-chang, Kumho has just two co-CEOs including Park Sam-koo and Kim Chang-kyu.