Summary
Park Jeong-koo, the second son of Kumho Group’s founder Park In-chon, succeeded his brother Park Seong-yawng as chairman on April 6, 1996, coinciding with the group’s 50th anniversary. After graduating from Yonsei University’s law department in 1960, Park joined Samyang Tire and later served as sales manager at Gwangju Buslines. In 1972, twelve years after joining the group, he was promoted to CEO of Gwangju Express and subsequently held key positions across various subsidiaries, gaining comprehensive insights into the group’s operations.
Park is particularly known for his remarkable turnaround of Kumho Co., which had been running a deficit of over 5 billion won in 1981. Within two years, he transformed it into a profitable entity, generating a net profit of 12 billion won. Under his leadership, Kumho Tire grew into one of the world’s top ten tire manufacturers, and Kumho Petrochemical became the seventh-largest synthetic rubber producer globally.
As chairman, Park aggressively ventured into new industries and pursued bold mergers among subsidiaries to enhance synergy. Notable achievements include entering the information and communication technology and biotechnology sectors, as well as merging Kumho Life Insurance with Dong-A Life Insurance and Kumho Investment Bank with Kumho Capital.
Recognizing the potential of the Chinese market before it became a major trend, Park spearheaded early investments there. In 1996, Kumho Express and Kumho Tire became the first South Korean companies to establish a presence in China. During this period, he also made significant contributions to developing Asiana Airlines’ routes to China, helping the airline rapidly grow by attracting transit passengers. Additionally, he ventured into new businesses such as resorts, contributing to Kumho Group’s ascent into the top ten conglomerates in South Korea.
Throughout his tenure, Park emphasized the importance of sales, appointing CEOs with sales backgrounds. He was also active in social and professional circles, serving as vice chairman of the Federation of Korean Industries and the Korea Enterprises Federation in 1997, and as president of the Yonsei University Alumni Association in 2000.
For his contributions to South Korea’s economic development, he was awarded the Moran Medal of the Order of Civil Merit in 1984. For his role in the successful hosting of the Gwangju Biennale, he received the Mugunghwa Medal in 1996.
Diagnosed with emphysema at the MD Anderson Cancer Center in Houston, Texas, Park underwent surgery and gradually retreated from frontline duties, working primarily from home. He passed away from lung cancer on July 13, 2002, at the National Cancer Center in Ilsan, Gyeonggi Province.
Timeline
▲ August 10, 1937 = Born as the second son among eight siblings of Park In-chon, the founder of Kumho Group, in Gwangju, South Korea.
▲ 1960 = Graduated with a degree in Law from Yonsei University
▲ 1960 = Joined Samyang Tire immediately after graduating from Yonsei University.
▲ 1963 = Appointed as a Director at Gwangju Automobile.
▲ 1965 = Became the Executive Auditor at Jeonnam Silk Making.
▲ 1969 = Joined Gwangju Buslines.
▲ 1972 = Promoted to CEO of Gwangju Express.
▲ 1981 = Appointed President of Kumho Co. amid the global oil shock, which severely impacted the tire industry.
▲ 1989-1996 = Served as Vice Chairman of Kumho Group.
▲ February 1996 = Kumho Group expanded its express bus operations in China, including in cities such as Shenzhen, Wuhan, and Hangzhou.
▲ April 6, 1996 = Took over as Chairman of Kumho Group after his elder brother Park Seong-yawng stepped down as Honorary Chairman.
▲ December 1996 = Kumho Tire opened a production facility in Nanjing.
▲ February 2001 = Diagnosed with lung cancer. He received treatment at a specialized cancer hospital in the United States.
▲ September 2001 = Returned to South Korea to continue treatment but experienced a sudden worsening of his condition.
▲ July 13, 2002 = Died of complications from lung cancer, preceding his mother, Lee Soon-jung, in death.
