Former South Korean Commerce Minister Lee Hee-beom was appointed the new head of the PyeongChang Organizing Committee for the 2018 Olympic & Paralympic Winter Games (POCOG) on Tuesday, replacing Cho Yang-ho, who "abruptly resigned from the post earlier the same day," according to Baek Byung-yeul of the KOREA TIMES. A POCOG official said, "The vacant seat left by Cho will be filled by Lee. Lee has a varied professional background, including serving as a commerce minister, a university president and CEO of a large company." Lee served as head of the Ministry of Commerce, Industry & Energy from '03-06, and after leaving bureaucracy, he worked as the head of the Korea Productivity Center and chancellor of Seoul National University of Science and Technology. Most recently, "he served as an advisor" for LG Int'l Corp. (KOREA TIMES, 5/3). REUTERS' Pak, Kahng & Lee reported Cho resigned "in order to focus on his troubled Hanjin Shipping business." South Korean conglomerate Hanjin Group Chair Cho had been "at the helm of the organizing committee" since Aug. '14 and was "widely credited with bringing sponsors on board and giving stalled preparations for the Games a shot in the arm." However, with Hanjin Shipping, South Korea's largest shipper by assets, facing "severe financial difficulties," POCOG said in a statement that Cho needed to focus his efforts on "restructuring and stabilizing the company." Cho: "For the past two years, I have truly put forward my very best efforts to work with every member of the organizing committee to prepare a successful Olympic and Paralympic Winter Games in 2018. I give my assurances that I will continue to support Pyeongchang through to the Games in 2018" (REUTERS, 5/3).
