Summary
Park Seong-yawng, the eldest son of Kumho Group’s founder Park In-chon, was born in 1932. After attending Seoul National University’s sociology department, he went to the U.S. in 1956 to study. He earned his master’s and doctoral degrees in economics from the University of Illinois and Yale University. He worked as an assistant professor at Case Western Reserve University and UC Berkeley before returning to South Korea in 1968, where he served as the President’s economic secretary and a professor of economics at Sogang University. Park joined the group’s management in 1972, becoming vice president of Kumho Industrial at his father’s urging.
Park became the group’s head in 1984 after his father’s death. He led significant restructuring efforts, including mergers and divestitures of unprofitable businesses, increasing the group’s revenue from 690 billion won to 4 trillion won by 1995. He spearheaded Kumho Group’s second founding, notably expanding into air transport by establishing Asiana Airlines in 1988, diversifying from a land transport-focused business.
Park emphasized the importance of human resources, fostering a culture of continuous learning and development within the company. He established the “Kumho Asiana MBA Program” at Seoul National University, Yonsei University, Korea University, and Sogang University to support employees’ growth and education.
He was also deeply committed to educational philanthropy. As chairman of the Jukho Educational Foundation, he supported various schools, including Kumho High School and Jungang Middle and High Schools. He donated to numerous prestigious universities, including Seoul National University and Chonnam National University, funding endowed professorships and development initiatives. In 1995, he established research institutes at Gwangju Institute of Science and Technology (GIST), contributing a supercomputer, one of only seven in South Korea at the time.
Park’s passion for arts and culture earned him the nickname “Korea’s Esterházy” (a reference to the Hungarian noble family known for supporting musicians like Haydn). He frequently attended concerts and art exhibitions, even during busy international business trips. After passing the chairman role to his brother Park Jeong-koo in 1996, Park dedicated himself to cultural support activities as chairman of the Kumho Cultural Foundation, establishing the Kumho Art Museum and introducing South Korean musicians to international maestros.
He was the first businessperson to serve as chairman of the Seoul Arts Center in 1997. He held various cultural roles, including chairman of the Tongyeong International Music Festival, president of the Korea Mecenat Association, and cultural ambassador and performance advisor for the Ministry of Foreign Affairs and Trade. He received numerous honors, including the Gold Tower Order of Industrial Service Merit in 1976, the Mugunghwa Order of Civil Merit in 1997, and a presidential citation in 2001. In 2004, he became the first Korean to receive the Montblanc de la Culture Arts Patronage Award.
Park passed away from lung cancer on May 23, 2005, in a hospital in San Francisco.
Timeline
▲ February 17, 1932 = Born as the eldest son among eight siblings of Park In-chon, the founder of Kumho Group, in Suncheon-eup (now Suncheon City), South Jeolla province, South Korea.
▲ 1959 = Graduated with a degree in Economics from the University of Illinois at Urbana-Champaign.
▲ 1961 = Earned a Master’s degree in Economics from Yale University.
▲ 1965 = Received a Ph.D. in Economics from Yale University.
▲ 1965-1967 = Served as an Assistant Professor at Case Western Reserve University.
▲ 1967-1968 = Worked as an Assistant Professor at the University of California, Berkeley.
▲ 1968 = Returned to South Korea. Joined the Blue House as Economic Secretary from 1968 to 1970.
▲ 1970-1971 = Served as a secretary to Kim Hak-ryeol, then Minister of Economic Planning.
▲ 1971-1974 = Worked as a Professor in the Department of Economics at Sogang University.
▲ 1974 = Left academia to join Kumho Group, becoming the CEO of Kumho Industrial.
▲ 1979 = Appointed Vice Chairman of Kumho Group.
▲ 1984 = Became the head of Kumho Group after the death of Park In-chon.
▲ 1987-1997 = Served as Vice Chairman of the Federation of Korean Industries (FKI).
▲ 1996 = Passed the leadership of Kumho Group to his younger brother, Park Jeong-koo, and retired as Honorary Chairman.
▲ 2005, May 23 = Died of complications from lung cancer at a hospital in San Francisco, California.
