By Park Jung-youn

Park Seong-yawng, 75, honorary chairman of Kumho Asiana Group, died of chronic illness early Monday morning at a hospital in San Francisco, the U.S.

Seong-yawng, the eldest son of the Kumho Asiana Group founder Park In-cheon, started his career in academia after receiving a doctorate degree in 1965 at Yale University, serving as an assistant professor at Case Western Reserve University, Ohio, and later at the University of California, Berkeley, from 1967 to 1968.

Upon his return to Korea in 1968, he continued his academic career as a professor of economics at Sogang University until his father asked for his assistance in the business in 1972 to serve as the executive vice president of Kumho and Company full-time.

When senior Park, then the chairman of Kumho Asiana, passed away in 1984, Park succeeded his father as the chairman and CEO of the group, and played a leading role in giving an impetus to Kumho Asiana’s ``re-birth.’’

Under his leadership, Kumho Asiana grew to become one of the world’s top 10 tire manufacturers and Korea’s second largest air carrier with the birth of Asiana Airlines in 1988. By 1995, Kumho was making sales revenue of 4 trillion won.

Park was also known to have been a connoisseur of fine arts and music. After he passed the helm of the group to his late brother Park Jeong-koo in 1996, he served as the chairman of Kumho Cultural Foundation, establishing Kumho Arts Museum and Kumho Asian String Quartet, which played in 70 cities and 60 nations worldwide.

Nicknamed ``Esterhazy of Korea” after the Hungarian Esterhazy family, historically renowned patrons of the arts, Park devoted himself to nurturing promising young artists, giving them financial support and scholarships and introducing those with high potentials to the world stage through his close ties with top international maestros such as Lorin Maazel, Krzysztof Penderecki and Zubin Mehta.

Considered to be one of Yale’s most outstanding alumni, he headed the Yale Club of Korea for 20 years. He funded the chair for the Kumho Group Visiting Professorship in 2000, and also served on the Council for International Activities at the behest of president Richard Levin of Yale University.

Park is survived by his wife, Marguerite Clark Park, and his children, Kristina June Park and Jay Young Park.

The funeral service will be held Friday at Samsung Medical Center in Illwon-Dong, Seoul.

According to the first quarter report released by Kumho Asiana Group, Park’s stake in the group was estimated at 30 billion won, including a 4.79 percent stake in Korea Kumho Petrochemical, the holding company of Kumho Group.

sk