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Pantech CEO, Resign for Management Aggravatio

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Pantech CEO Byeong-yeop Park said that he will resign from the top post by the end of this year by reason of Management Aggravation.

Pantech is the Big Three smartphone producting company in Korea.

He offered to resign to bank creditors on the afternoon of 24 to take responsibility of Pantech’s weak sales both in domestic and foreign smartphone markets.
He seems to have felt himself responsibility as sales performance of Pantech’s samrtphone was sluggish lately.

There is also health issue because he haven’t had rest since the workout.
After his resign, Pantech will resturtureing business in large scale reducing the scale and a part of manpower.

There won’t be massive layoff but the company will receive application of unpaid leave for 6 months from employees.  The number of them may be 800, 1/3~ 1/4 of total workforce in Pantech.

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