Kumho Tire co-CEO Park Se-chang officially stepped down from his post after its major creditors demanded his resignation, citing procedural problems in his appointment. Park's resignation came just three days after the company's board of directors approved his promotion from senior vice president to CEO. Another new co-CEO Lee Han-seop was removed from his post for similar reasons.

The company, an affiliate of Kumho Asiana Group led by group chairman Park Sam-koo, now has only two CEOs including chairman Park and current president Kim Chang-kyu.