[THE INVESTOR] Kumho Asiana Group Chairman Park Sam-koo’s eldest son Se-chang has been named an internal director at the group’s holding company Kumho & Co., according to the firm on Aug. 22.

Industry sources say the move appears to mark a transition of power to the junior Park, who was named CEO of Kumho Asiana Group’s corporate strategy division this year. He is also concurrently the head of both Kumho Corp. and Asiana Sabre -- a travel reservation service affiliated with Asiana Airlines. In addition, he serves as vice president of Kumho Tire.

Kumho & Co. -- or Kumho Holdings -- was officially launched Aug. 12 through a merger between Kumho Corp. and Kumho Terminal. Until then, Kumho Corp. had been serving as the holding company of Kumho Asiana Group. 

Park Sam-koo will be co-CEO of Kumho Holdings with Kim Hyeon-cheol serving as head of Kumho Terminal.

Kumho Asiana has recently undergone many changes, with the chairman seeking to piece the group back together after a major restructuring effort that tore it apart.

Kumho Asiana is now reacquiring key Kumho affiliates, including Kumho Buslines and Kumho Tire, which were previously sold off to slash debt.

And signaling yet another new chapter for Kumho, the two brothers leading Kumho Asiana and Kumho Petrochemical recently reached a legal truce.

The group was previously split to two in 2010 when Sam-koo and his younger brother Chan-koo were unable to jointly run it. 



Since then, the two sides have engaged in drawn-out legal battles involving copyright and other issues. The two also referred each other to prosecutors.

On Aug. 10, Kumho Petrochemical said it dropped all of its suits against Kumho Asiana Group, saying it was time to concentrate on more pressing issues, such as keeping Kumho afloat.

By Kim Ji-hyun (jemmie@heraldcorp.com)