Hanjin Group chairman Cho Yang-ho.[Yonhap News Photo]
The resignation was announced in a statement released by the Pyeongchang organizing committee, which said Cho wanted to focus on "urgent" corporate issues such as the restructuring of Hanjin Shipping, one of the world's top ten container carriers in terms of capacity.
Along with Hyundai Merchant Marine, Hanjin Shipping has applied for creditor-led restructuring with its credit crunch and debt aggravated by falling freight rates.
Cho, who is also the chairman of South Korea's top carrier Korean Air, has also offered to abandon managerial control of the distressed shipping unit, but creditors have urged him to step up the sale of non-core assets and bring down charter fees in negotiations with ship owners before receiving a bailout from creditors.
Cho took the helm of the organizing committee one year and 10 months ago after he played a crucial role in bringing the 2018 event to Pyeongchang in July 2011. His departure came with less than two years left until the first Winter Games in South Korea.
"I've worked hard with everyone on the organizing committee for the successful hosting of the Pyongyang Winter Olympics," Cho said in the statement, urging the committee to make "steady" Olympic preparations under his successor.
Cho has been credited with speeding up the construction of Olympic facilities. He has also silenced the idea of sharing the Olympics with Japan.
Initial preparations were hit by financial problems and construction delays, which at one point saw the International Olympic Committee (IOC) float the possibility of moving some events to other countries such as Japan.
Concerns have eased following a series of sponsorship agreements the organising committee has forged with major domestic firms.
IOC inspectors said the first test events held in Pyeongchang in February were largely successful but expressed concern about the delayed construction of some Olympic-related facilities.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
