Park Chan-koo resigned as CEO of Kumho Petrochemical and stepped down from the board.
Kumho Petrochemical’s largest shareholder was fired from his executive position at the company after pushing for an increase in the dividend and a board position for himself.
Shareholders rejected Park Chul-whan bid to get on the board of Kumho Petrochemical at an annual general meeting in central Seoul on Friday, along with his proposal to increase the dividend by almost ten times.
Glass Lewis, an American proxy advisory, sided with Kumho Petrochemical senior vice president Park Chul-whan in an ongoing dispute against the company’s chairman over management control.
Efforts by Kumho Petrochemical’s largest shareholder to shake up the company has hit a major snag, as a proxy advisory group recommended shareholders vote ‘no’ to the resolutions he proposed.
Park Chul-whan, Kumho Petrochemical senior vice president, middle, attends a press conference at Westin Chosun Hotel in central Seoul on Thursday.
Kumho Petrochemical’s largest shareholder is going after the board not out of self-interest but to raise the value of the company.
The board of Kumho Petrochemical on Tuesday agreed to add a number of items submitted by its largest shareholder to the agenda for its shareholder meeting on March 26.