(ATR) Korea moves quickly to find a new president for the 2018 Olympic Winter Games. Within hours after the sudden resignation of Yang Ho Cho, a former government minister is nominated to take over the post.
Hee Beom Lee, 65, an engineer by education and once minister of Trade, Industry and Energy, was named to succeed Cho "In order to minimize the vacancy…after thoughtful consideration," says a press release from the 2018 organizing committee.
Most recently, Lee was vice chair and CEO of LG International. Lee’s career began in 1972 in the Ministry of Trade, Industry and Energy. He has served in a variety of positions inside and outside of the government but his resume includes no connections to the Olympics or sport.
"With such a diverse background of experience, he has the administrative capacity, marketing expertise and a wide network among the business leaders and communication skills to coordinate among the various levels of government and different stakeholders - all required to lead the preparation of a complex mega-sports event," says the press release from POCOG.
Lee will need to be confirmed at a meeting to be scheduled of the POCOG board. That will be followed by approval from the Korean Ministry of Culture, Sports and Tourism. The process is expected to take just a few days.
Yang Ho Cho abruptly announced his resignation as chairman May 3 after serving almost two years in the position. Cho says he needs to resign to devote full attention to the precarious financial situation of Hanjin Shipping, one of the large businesses his family company owns.
Hanjin is reeling under $5.7 billion in debt that has mounted across several years of losses. The company is seeking to restructure its finances but a self repair plan has been rejected by the Korean Development Bank. Cho and family members involved with running Hanjin are reportedly said to be expected to make personal sacrifices to help turn the company around.
In a statement from PyeongChang 2018, Cho expressed his thanks to the staff of the organizing committee.
"More than anything else, I am deeply grateful for the passion and dedication of each and every employee of POCOG under my leadership. I am confident that POCOG and the new leadership will move forward towards a successful 2018 Winter Games. I give my assurances that I will continue to support PyeongChang through to the Games in 2018," he said.
Cho, 67, led the third bid for the 2018 Winter Games from PyeongChang from 2009 to 2011. Passed over to lead the organizing committee he went back to his chairmanship of Hanjin Group, the conglomerate that owns Korean Air as well as the troubled shipping company.
In 2014, following the snap resignation of the organizing committee president, Cho was brought back to lead the 2018 effort. He is credited with jump starting what had been a moribund campaign to attract sponsors for the first Winter Games in South Korea.
Cho is a vice president of the Korean Olympic Committee and has been under consideration for a possible nomination to the IOC. It’s not clear whether that goes by the wayside as Cho tends to his corporate duties.
Written by Ed Hula.
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