The vice chairman and founder of Korea's No. 3 mobile phone maker Pantech has resigned over the company's nosediving performance.
Park Byeong-yeop said Tuesday he wants to "take initial responsibility" at a time when his company is poised for drastic downsizing. Park made the announcement to Korea Development Bank, which heads a group of Pantech's creditors.
Pantech posted an operating loss of W105.2 billion (US$1=W1,073) last year and of W56.2 billion in the first half of this year.
Vice president Lee Joon-woo will lead the company after Park's departure. A Pantech spokesman said Lee will soon be promoted to president.
Park had wanted to quit back in 2011 but the creditors urged him to stay on.