Kumho confirms interim as permanent CEO, announces loss

Kumho Tire has appointed its interim CEO as the new permanent CEO following reports it was struggling to find a suitable candidate. South Korean media sources report that the Board approved the appointment of vice president Jeon Dae-Jin (60) yesterday. Kumho also reported a net loss for the fourth consecutive year in its annual financial report.

The South Korean tyre manufacturer, controlled by China’s Qingdao Doublestar since last summer, has been able to reduce its operating loss, though its annual net loss increased further on declining sales. Kumho’s stock market announcement stated that its operating loss decreased from 157 billion won to 89.9 billion won (£62.2 million), meaning return on sales was -3.5 per cent. The manufacturer’s net loss increased sharply from 125 billion to 205.5 billion won (£142 million). 2018 is the fourth year concluding in a net loss.