KUMHO PETROCHEMICAL

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Kumho Petrochemical calls for an extraordinary general meeting for governance reform toward professional management
No. 5 Date registered : 2021.05.04
- President Park Chan-koo resigns from the post as CEO and director.

 

 - The heavier weight is given to the Board of Directors through management specialists and independent(outside) directors.
 - An extraordinary general meeting is called to occur in June to appoint executive directors tasked with sales, finance, and R&D.

 

Today, Kumho Petrochemical CEO Baek Jong-hoon called for an extraordinary general meeting (EGM) to facilitate the company’s transition toward professional management and governance centered on the Board of Directors.


The Board of Directors accepted the resignation of President and CEO Park Chan-koo and Executive Director Shin Woo-sung and decided to appoint two additional executive directors. The new executive directors are Ko Young-hoon, Senior Executive Vice President and Director of Central Research Center, and CFO Ko Young-do, Executive Vice President, a finance and accounting expert. The pair will join CEO Baek Jong-hoon, a sales expert appointed as the new executive director in the annual general meeting last March, to form the triumvirate of professional managers in sales, finance, and R&D that will head the Board of Directors.


Kumho Petrochemical has already appointed independent(outside)  directors during the last annual general meeting to emphasize their expertise and independence. During this EGM, the appointment of professional managers shows the company’s dedication in forming a system where experienced managers establish policies that emphasize sustainable management under the supervision of the Board of Directors.


Despite the crisis brought by the COVID-19 pandemic, Kumho Petrochemical is poised to achieve its highest record sales this year, thanks to the management’s acumen of investing implementing proactive investment in NB latex and other key fields, as well as the management system that emphasizes financial stability. President Park Chan-koo, satisfied with the robust basis of the management, has decided to step down from his position as a president and director to have professional managers in each field step into the executive roles.


Kumho Petrochemical is expected to call for an EGM on June 15 to appoint the new executive directors and acquire the shareholders’ approval. Regarding the decision, the company commented, “We expect our new managers to cooperate with our seven expert and independent directors to fulfill the company’s social responsibilities.” They also said, “This transition will emphasize our sustainable and ESG management practices and elevate our corporate value.”

 

No. 52021.05.04
Kumho Petrochemical calls for an extraordinary general meeting for governance reform toward professional management
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