Park Byeong-yeop, the vice chairman of Pantech Co., South Korea’s third-largest maker of mobile phones, has tendered his resignation mainly due to poor health, industry sources said Tuesday.
The 50-year-old executive founded Pantech in 1991 and led the transformation of the small mobile venture into the country’s No. 3 mobile phone maker.
Market watchers said the decision came as the company’s earnings continued to remain stagnant in recent months. Pantech posted an operating loss of 49.5 billion won ($46 million) in the second quarter of 2013.
Park’s decision is also attributable to his poor health, they added. Pantech had been under a five-year corporate restructuring program since April 2007 until December 2011. (Yonhap News)