Ex-Kumho Petrochemical chair returns as Kumho Mitsui co-CEO

Park Chan-koo, former chairman of South Korea’s Kumho Petrochemical Group, has returned to the top position of Kumho Mitsui Chemicals Inc. as co-chief executive, the company said on Thursday.

His return to the CEO seat comes about two months after he was granted a presidential pardon on the occasion of the country’s Aug. 15 Liberation Day, along with 11 other Korean business leaders.

The special amnesty came with the reinstatement of his rights and the removal of employment restrictions.

In December 2018, Park was sentenced to three years in prison for misappropriation of business funds totaling over 13 billion won ($9.7 million).

At the time, his jail term was suspended for five years, meaning no prison time was served, but his employment was restricted until the end of 2025 as per the court ruling.

Park maintained the group's chairmanship until his resignation from the post in May this year.

Kumho Mitsui is a 50:50 joint venture between Kumho Petrochemical Inc. and Japan’s Mitsui Chemicals, set up in 1989.

It produces methylene diphenyl diisocyanate (MDI), a chemical intermediate used in the manufacture of polyurethane materials.

Previously, Park led Kumho Mitsui Chemicals as co-CEO between 2000 and 2002, as well as between 2010 and 2021.

He jointly manages the company with co-CEO Ishimori Hirotaka, who represents Mitsui Chemicals for the venture.

Ohn Yong Hyun, Park’s predecessor, resigned last month.

“We wanted a leader who can serve as the focal point of the partnership between the two companies,” said an official of Kumho Mitsui Chemicals.

“Chairman Park Chan-koo has played a pivotal role in maintaining a solid partnership between the two petrochemical companies for more than 30 years.”

In 2022, the JV’s sales reached 13.3 billion won with an equity capital of 35 billion won and 260 employees.

Park is the fourth son of Kumho Petrochemical Group’s founder and late chairman Park In-cheon.

He has worked in the petrochemical industry for 47 years since joining Kumho Petrochemical in 1976.

Write to Mi-Sun Kang at misunny@hankyung.com
 

Yeonhee Kim edited this article.