Air Incheon taps financial guru to oversee Asiana cargo business acquisition

By Lee Min-hyung

Air Incheon appointed Kim Kwan-sik as its new CEO, leveraging his financial expertise for the airline’s smooth and timely acquisition of Asiana Airlines’ cargo business, industry officials said Tuesday.

The former executive vice president and chief financial officer of the budget carrier has extensive experience in finance, having held key roles in major affiliates of the former Kumho Asiana Group.

He joined Air Incheon last month upon the recommendation of the airline’s largest shareholder, Socius Private Equity, with hopes that the executive will be able to drive swift acquisition of the cargo business from Asiana Airlines, which was recently merged with Korean Air.

Kim is tasked with finalizing the high-profile acquisition by July 2025. Under this scenario, Air Incheon will rise to become the nation’s second-largest air cargo business operator.

Industry officials said Air Incheon will seek the acquisition of Asiana’s cargo business without any delays, as demand for aviation cargo is widely expected to remain solid on soaring e-commerce transactions.

“The freight business of Asiana has long been considered a stable profit driver for the airline, so the acquisition will help Air Incheon boost its earnings growth,” an official from the aviation industry said.

Kim started his career at Kumho Tire in 1993 and moved to the group’s strategy management division in 2000. He was then promoted to chief financial officer of the tire manufacturer’s U.S. office in 2008.

The new head of Air Incheon also worked as a former accounting team leader at Kumho Tire and served as chief financial officer of the firm’s office in China.

He is widely expected to spearhead the remaining procedures for Air Incheon’s complete acquisition of the cargo business from Asiana. In August, Air Incheon signed a contract to purchase the freight business of Asiana at 470 billion won ($322.7 million).

Last week, Air Incheon launched a special task force to speed up the acquisition. Air Incheon hopes to launch the converged entity on July 1 next year.

"I feel a strong sense of responsibility to lead the airline at a critical time when the aviation industry faces drastic changes," Kim said in an email message to staff. "Air Incheon will be a globally renowned cargo carrier after the successful completion of the acquisition."