SEOUL: Kumho Tire has appointed Il Taik Jung as its new president and CEO.
Having joined the company in 1988, Jung previously held a number of senior positions, including head of both the R&D Centre and Quality Division.
He has always emphasised that "R&D technology is the means by which future responsiveness in a competitive environment is best developed".
Kumho said Jung's appointment is expected to accelerate the company's drive towards an agile organisation culture that can quickly react to changing tyre markets and consumer needs.
Part of Jung's mission is to secure new revenue streams for future growth such as the development of smart and airless tyres.”
In a related development, Kumho said it is investing US$305 million on the expansion of its Vietnamese plant, with the aim of doubling its capacity by 2023, by which time output should be at least 9.3 million tyres per annum.
The project would start in the third quarter of this year and run until the early part of 2023.
The company is also increasing the capacity of its North American facility in Macon, Georgia. The project is due for completion by the fourth quarter of 2022. By then, the US plant would be able to produce an extra 500,000 tyres a year.
Kumho currently operates eight plants around the world, with sites in its native Korea, China, the United States and Vietnam.