President Park Se-chang of Kumho Asiana Group’s Strategic Management Office.

Kumho Tire President & CEO Lee Han-seop (Photos:Kumho Asiana)

Former Kumho Tire Senior Executive Vice President Park Se-chang has been promoted to president of Kumho Asiana Group’s Strategic Management Office.

Park, 42, is the son of Kumho Asiana Group Chairman Park Sam-koo. He also takes the helm of Asiana Sabre, a subsidiary of the business group. Park’s promotion raises the possibility he will take over management control of the business group from his father and Kumho Asiana’s current chairman. 

The junior Park began his career as a deputy general manager at Kumho Tire. He held such positions as a general manager at the tire maker and a director at the group’s Strategic Management Office. 

Kumho Asiana Group carried out a reshuffle on Jan. 29, promoting 20 executives, including Park, fewer than the 55 executives who were promoted last year. 

Kumho Tire Senior Executive Vice President Lee Han-seop, in charge of overall business, was promoted to president & CEO of the tire maker. 

Park Se-chang and Lee Han-seop resigned a few days after they were promoted to co-CEOs of Kumho Tire last year, bowing to a demand for their removal from positions at Korea Development Bank, a major creditor of the company, citing procedural problems. 

Group Chairman Park has brought the junior Park to the fore in consideration of the senior Park’s reconstruction of the business group. 

Chairman Park signed a deal on Sept. 24, 2015 to take over management rights of Kumho Industrial, the de facto holding company of the group (a 50 percent stake plus one share) in return for paying 722.8 billion won with its creditors. The agreement has allowed the business group to retake its position as the largest shareholder of Kumho Industrial, six years since being forced to enter a workout program after it was torn apart due to a liquidity crisis.

Kumho Industrial has a 30.1 percent stake in Asiana, Korea’s second-largest airline. Asiana in turn controls other affiliates and holds a 46 percent stake in the low-cost carrier Air Busan. It also owns a bus terminal operator.