Hyundai Asan CEO Resigns Over N.Korea Package Tours

      March 19, 2010 11:29

      Hyundai Asan president Cho Kun-shik on Thursday tendered his resignation for failing to restart package tours to North Korea.

      In an e-mail to Asan executives and staff, Cho said, "I worked very hard for the resumption of package tours and to normalize business, but I failed. I think it's important for me, as the company's CEO, to take clear responsibility for the sake of the company."

      "About 70 percent of staff have had to leave the company due to the suspension of the tours," he added. "I wanted to bring them all back to the company and feel deep regret that I cannot do that but have to leave myself."

      A former vice unification minister, Cho took up the post with Hyundai Asan in August 2008, a month after the package tours to Mt. Kumgang were suspended. Since then, he held talks with both South and North Korean governments to get the tours restarted, but to no avail.

      Asan is expected to hold a shareholders' meeting next Wednesday to approve Cho's resignation and choose his successor.

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