April 19, 2024

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[THE INVESTOR] Kumho Tire said on Dec. 1 it has appointed a sales veteran as its new chief executive officer.

In an extraordinary shareholders meeting, Kumho Tire named Kim Jong-ho, who formerly served as president of the tire maker 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 tire maker 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$832.20 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.

By Alex Lee and newswires (alexlee@heraldcorp.com)