UPDATED - PyeongChang 2018 President Cho Quits Suddenly

(ATR) President Yang-ho Cho has resigned from his position effective immediately in a shock announcement.

Cho is stepping down to focus on reviving one of his ailing businesses, the 2018 Winter Olympic organizers confirmed in a statement on Tuesday. Hanjin Shipping, part of the Hanjin Group he chairs, "faces critical financial issues".

"Mr. Cho will focus his efforts on the restructuring and stabilization of Hanjin Shipping," the organizing committee said.

His resignation leaves the PyeongChang Olympics without a leader less than two years before the Winter Games.

PyeongChang 2018 tells Around the Rings that POCOG secretary general Hyungkoo Yeo will be acting president until the committee’s new chief is chosen.

No emergency executive committee has been called.But the PyeongChang 2018 spokeperson outlined the procedure for appointing Cho’s replacement.

The Korean government and sports ministry will propose possible candidates to the PyeongChang organizing committee. The executive board will meet in the coming weeks to shortlist candidates. The POCOG General Assembly will then choose Cho’s replacement, which will need to be approved by the sports ministry. The process may take at least a month.

"POCOG wishes to welcome the new president as soon as possible," the spokesperson told ATR.

IOC Reaction

The IOC tells ATR that Cho has informed president Thomas Bach of his decision to step down from his role.

"I would like to thank Yang-ho Cho for his great work over the last two years and the excellent cooperation with the coordination commission. Under his leadership, the organizing committee has made great progress and has delivered very successful test events," said Gunilla Lindberg, president of the PyeongChang 2018 Coordination Commission.

"There remain a number of important steps to be taken ahead of the Games and the IOC remains confident that through our close cooperation with the PyeongChang 2018 organizing committee these will be successfully addressed. We look forward to Korea hosting excellent Olympic Winter Games in 2018," she added.

Cho took up the position as PyeongChang 2018 president in August 2014. He took over fromKim Jin-sun, the region's former governor.

He is credited with putting the organizing committee back on track after a bumpy start to preparations afterSouth Korea won Olympic hosting rights in 2011.

Cho helped manage issues such as delayed venue construction, a dispute on the location of Olympic Stadium, marketing sponsorship recruitment and the controversy over moving venues to align with the IOC’s Agenda 2020 reforms.

Cho also oversaw a successful series of test events in PyeongChang in February, including the FIS Alpine World Cup at the new Jeongseon Alpine Centre, overcoming concerns about the testing of Olympic facilities.

"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," said Cho in a statement.

"I can proudly say that POCOG has become a strong team, and the challenges we have overcome have allowed us to achieve success at our first official test events this past February."

Cho thanked the Korean people for their support of PyeongChang’s Winter Olympic preparations as well as other stakeholders including the IOC, international and national federations.

"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 added.

Reported by Mark Bisson

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