LPGA commissioner Mike Whan and BMW Group Korea's Chairman Kim Hyo-joon announced the tournament on Wednesday in Florida.
The 21-year-old, who started the day tied for the lead with Leishman, took full advantage of the ideal scoring conditions that prevailed at Trinity Forest when play finally got underway after a four-hour weather delay.
Leishman broke the 36-hole record of 12-under 128 achieved on six prior occasions at the tournament's former home of TPC Four Seasons.
Players had to endure two rain delays before play was suspended in the evening with about 60 golfers still on the course trying to finish their rounds.
The Australian was three strokes in front of Americans JJ Spaun and Jimmy Walker.
A statement said Woods, a five-time winner at Memorial, had added the May 31-June 3 tournament to his schedule along with newly-minted world number one Justin Thomas.
The 32-year-old took a tournament-record seven-shot lead into the final round and marched to the victory as his challengers, including Tiger Woods, fell by the wayside.
Simpson's three-round total matched the tournament record set by Australian Greg Norman in 1994 en route to a four-stroke victory.
Kokocinski overturned a three-shot deficit from the third round to cap a winning total of 14-under-par 270 at the Kurmitola Golf Club.
World number six Fowler had to use a pair of binoculars in unsuccessfully trying to locate his golf ball in a palm tree on the sixth hole at TPC Sawgrass -- his 15th of the day.
Joining Johnson atop the leaderboard were Webb Simpson, Chesson Hadley, Matt Kuchar, Patrick Cantlay and Alex Noren.
The 42-year-old returned to competitive golf this season after missing most of the previous two years through injury and finished tied for 32nd at last month's Masters.
Park fired a five-under par 66 to finish the 36-hole event at 11-under 131 for a one-stroke victory over American Duncan with Chinese rookie Liu Yu another shot adrift in third on 133.
It will be the first time Mickelson and Woods have been paired together since the 2014 PGA Championship, where Woods missed the cut and Mickelson finished second to Rory McIlroy by one stroke.
Only nine players finished their second rounds at The Colony before darkness fell on the event.