發布日期:2023-02-01 07:54:30
Former Kumho Petrochemical Senior Vice President Park Chul-whan speaks during a press conference at the Westin Josun Seoul in this March 2021 file photo. Yonhap
By Park Jae-hyuk
Park Chul-whan, former senior vice president of Kumho Petrochemical, has resumed his efforts to wrestle control of the company away from his uncle, Chairman Park Chan-koo, during the forthcoming proxy season in March.
The nephew said Wednesday that he sent a letter to the company, with proposals calling for transparent management and shareholder value maximization. His announcement raised Kumho Petrochemical's stock price sharply, as managerial disputes at chaebol groups prompt investors to expect larger shareholder returns.
"Although Kumho Petrochemical has shown record-high earnings, its stock price has remained sluggish. In order for the company to solve that problem and grow into a global enterprise, I decided to send the letter," he said in a press release. "I plan to disclose the details of my proposals to minority shareholders in the near future."
He is said to have recommended his allies as successors for the company's two nonexecutive directors, whose terms will end later this year.
Kumho Petrochemical said it has yet to receive a letter from him.
"Once we finish reviewing his proposals, we will take appropriate measures in compliance with the law," a Kumho Petrochemical spokesman said.Kumho Petrochemical Chairman Park Chan-koo / Korea Times file
The former senior vice president failed last year in his attempt to be appointed as the company's executive director and to receive bigger dividends, after he lost to his uncle in the general meeting of shareholders last March. Following the meeting, the nephew was dismissed from his position as the executive in charge of overseas synthetic rubber sales.
Back then, he hinted that he would continue to resist the authority of his uncle.
"This shareholder proposal was a meaningful start to pave the way for a more proactive culture of shareholder engagement in companies' business management," he said at that time.
The uncle, 73, also stepped away from management last year, entrusting his company to a professional manager. However, the chairman's two children were promoted to higher positions last June, causing speculation about managerial succession.
The nephew is still the single largest shareholder of the company, with an 8.5 percent stake.
The younger Park also gave part of his shares last August to his three older sisters, who married the Adonis vice chairman, the KISCO Holdings CEO and the Iljin Materials CEO, respectively. The donations were interpreted at that time as part of his efforts to win financial support from his brothers-in-law, once he resumes the dispute with his uncle.
Kumho Petrochemical's management, on the other hand, joined hands last December with OCI, swapping each other's treasury stocks.
According to the Commercial Act, a company cannot exercise voting rights with its treasury stocks, but once it hands its treasury stocks over to another company, the recipient can exercise voting rights with the stocks.
OCI could then serve as a white knight, defending Kumho Petrochemical from a hostile takeover, as it holds a 0.56 percent stake in the company.