Kumho Petrochemical : calls for an extraordinary general meeting for governance reform toward professional management
May 03, 2021
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- 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.'
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Kumho Petro Chemical Co. Ltd. published this content on 04 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 May 2021 05:38:05 UTC.
Kumho Petro Chemical Co Ltd is a Korea-based company mainly engaged in the manufacturing and sale of synthetic rubber. The Company operates its business through four segments. The Synthetic Rubber segment is engaged in the manufacturing and sale of styrene-butadiene rubber (SBR), butadiene rubber (BR), and latex, among others, which are used to make tires and shoes. The Synthetic Resin segment is involved in the manufacturing and sale of polystyrene (PS), acrylonitrile butadiene styrene (ABS), and expandable polystyrene (EPS), among others, which are the main raw materials for electrical and electronic products, auto parts, and construction materials. The Fine Chemical segment is engaged in the production and sale of antioxidants and vulcanization accelerators which is mainly used in rubber. The Other segment operates its business in electronic materials, construction materials, factory utilities, and asset leasing, among others.