Park Chan-gu, Honorary Chairman of Kumho Petrochemical, Returns to Management After 6 Months
Appointment of CEO at Kumho Mitsui Chemicals
Park Chan-gu, Honorary Chairman of Kumho Petrochemical Group, is returning to the forefront of management.
Kumho Mitsui Chemicals announced on the 2nd that Park Chan-gu, Honorary Chairman, has been appointed as CEO. This marks his sudden return to the front line of management just six months after stepping down in May to serve as an unpaid honorary chairman.
The appointment date was October 5, and the registration date was October 16.
This CEO appointment reportedly came at the request of Kumho Mitsui Chemicals to have a heavyweight figure serve as the focal point of the partnership between the two companies.
On Yong-hyun, who was serving as CEO, resigned from the CEO position but will retain his title as president.
Park Chan-gu, Honorary Chairman of Kumho Petrochemical Group Photo by Kumho Petrochemical
View original imageKumho Mitsui Chemicals was established in 1989 as a 50-50 joint venture between Kumho Petrochemical and Japan's Mitsui Chemicals, producing MDI, a raw material for polyurethane, as its main product.
Kumho Petrochemical explained, "Chairman Park Chan-gu has played a pivotal role for over 30 years in maintaining a solid trust relationship between the two leading petrochemical companies representing Korea and Japan."
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Honorary Chairman Park is the fourth son of the late Park In-chun, founder of Kumho Asiana Group. He joined Korea Synthetic Rubber (now Kumho Petrochemical) in 1976 and has been involved in the petrochemical industry for 47 years. In December 2018, he was sentenced to three years in prison with a five-year probation for breach of trust involving more than 13 billion KRW, resulting in a ban on employment until the end of 2025. However, in August this year, during the Liberation Day special pardon, his sentence was effectively nullified and he was reinstated, lifting the employment restriction.
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