2 Kumho co-CEOs resign

Two Kumho co-CEOs resigned just a few days after being appointed, 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 per cent of the company, said the company unilaterally carried out the leadership change without their approval.

According to Tire Review, Kumho agreed to gain approval from its creditors prior to making key decisions or undertaking major leadership changes. This commitment was said to have been made when Kumho 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.