Park Chan-koo resigns as CEO of Kumho Petrochemical

Park Chan-koo [JOONGANG PHOTO]

Park Chan-koo resigned as CEO of Kumho Petrochemical and stepped down from the board.

The move comes following efforts earlier this year by Park Chul-whan, the company’s largest shareholder, to take control of the company and dramatically increase the dividend.

Park Chan-koo's resignations were approved at board meeting on May 4.

He said he gave up the two roles to move the company more toward professional management and away from family control. He added that an outsider would be hired to lead the company as CEO.

At the meeting, the board appointed two new internal board members, Ko Young-hoon, who is in charge of the company's R&D center, and Ko Young-do, who is in charge of purchasing and financing.

Park Chan-koo promised better governance and more transparent management as the company was under siege earlier this year by Park Chul-whan, who failed in his efforts to shake up Kumho Petrochemical and has since lost his jobs at the company. He remains the company’s largest individual shareholder, with 10 percent of the stock.

On May 4, Kumho Petrochemical reported record quarterly earnings, posting a net profit of 475.5 billion won, a 272.8 percent year-on-year jump.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]