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Kumho Tire promotes VP to CEO

Kumho Tire Co., South Korea's second-largest tiremaker, said Thursday its vice president Jeon Dae-jin has been named its new chief executive officer.

Kumho Tire, controlled by Chinese tiremaker Qingdao Doublestar Co., said its board members approved Jeon's promotion to president and appointed the 60-year-old as the new CEO. 

Jeon Dae-jin (Yonhap)
Jeon Dae-jin (Yonhap)

Jeon has been serving as acting CEO for Kumho Tire since December following the resignation of former CEO Kim Jong-ho.

Jeon joined Kumho Tire in 1984 and headed the tire manufacturer's Gokseong and Gwangju plants. He also has experience of managing the company's tire production in China.

Meanwhile, Kumho Tire said in a regulatory filing Thursday its net losses reached 205.5 billion won (US$182 million) for the whole of 2018, up significantly from 111.8 billion won losses in 2017.

Its operating loss narrowed to 89.9 billion won in 2018 from 157.1 billion won a year earlier. Sales fell 11.1 percent on-year to 2.55 trillion won. (Yonhap)