Nexen Tire announces leadership changes

Seoul, South Korea — Nexen Tire has announced changes to its board-level leadership structure, confirming a transition from a three-CEO system to a two-CEO model following the expiry of chairman Kang Byung-joong’s term as chief executive.

In a disclosure dated 26 March, the company said Kang Byung-joong has stepped down as CEO, with executive vice chairman Kang Ho-chan and executive president Kim Hyun-seok continuing as co-CEOs.

The change reflects “a transition from the previous structure of three CEOs… to the current two-CEO system,” Nexen said in an explanation provided to ERJ.

The Korean tire maker stressed that the update is administrative in nature and “does not indicate any change in the company’s leadership structure or decision-making framework.”

“Although chairman Kang Byung-joong… has stepped down from his position as an internal director on the board, he continues to serve as chairman,” the company added.

Under the clarified structure, Kim Hyun-seok serves as CEO, Kang Ho-chan as vice chairman and co-CEO, while Kang Byung-joong retains the role of chairman.

The company reiterated that “the update is simply related to the board composition,” and that “there has been no substantive change in leadership.”