Pantech Founder and Vice-Chairman Will Step Down

Posted by at 8:33 am on September 25, 2013

Park Byeong-yeop, the vice chairman of Pantech, announced today that he will resign from his post.

Park founded Pantech in 1991 and served as its leader for more than a decade. He cited the company’s poor smartphone sales performance in recent years as the reason for his departure. Further, Pantech is restructuring its finances and is asking 800 employees (about 25% of its total workforce) to take a voluntary six-month leave of absence.

Verizon Wireless sells the Pantech Perception, an Android smartphone. It is one of the only Pantech devices to reach the U.S. this year.

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