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Kumho Tire names sales veteran as new CEO

All News 15:30 December 01, 2017

SEOUL, Dec. 1 (Yonhap) -- Kumho Tire Co., South Korea's second-largest tiremaker by sales, said Friday it has appointed a sales veteran as its new chief executive officer (CEO).

In an extraordinary shareholders meeting, Kumho Tire named Kim Jong-ho, who formerly served as president of the tiremaker from April 2009 to January 2012, as chairman and CEO for the next three years, the company said in a statement.

Kim, 70, was involved in the tire manufacturer's debt-rescheduling programs during his term as chief and was also in charge of the company's overseas operations, it said.

In September, creditors' efforts to sell a 42.01 percent stake in the financially troubled tiremaker to China's Qingdao Doublestar collapsed due to differences over the acquisition price.

In March, Qingdao Doublestar signed a contract worth 955 billion won (US$832.2 million) with creditors to buy Kumho Tire, but the deal fell through when the Chinese company demanded a cut in the purchase price to 800 billion won, citing deteriorating earnings.

In the January-September period, Kumho Tire's net losses deepened to 59.91 billion won from 54.93 billion won a year earlier.

Kumho Tire Chairman and CEO Kim Jong-ho is pictured in this photo provided courtesy of Kumho Tire. (Yonhap)


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