Korea's Herald Media chairman resigns
By Leah McBride Mensching, Tuesday 5 February 2008 at 23:08 :: Management :: #1210 :: rss
Herald Media, which publishes The Korea Herald and The Herald Business, announced Monday that Hong Jung-wook, its chairman, chief executive officer, publisher and largest shareholder, is resigning.
In naming a new publisher and CEO, the company is focusing on striking balance of separation between ownership and management, as well as management and editorial, The Korea Herald reported Tuesday. Hong's replacement, “will be named soon,” the article stated.
Hong will remain as Herald Media's largest shareholder, but will not take part in management decisions. The company's vice president, Key Wae-ho, is also resigning for the restructuring process.
“With a split between ownership and management, and a fully independent editorial responsibility, Herald Media has cemented a foothold to develop a step further into becoming an advanced media group,” Hong said in a statement, according to The Korea Herald. “As Herald Media has secured a stable operational and profit structure in the past six years, I believe it is now ready to tackle more advanced challenges ... I will relinquish the sumptuous status of a media CEO and will take part in the public and administrative sector and the social service, which I have long regarded to be my mission.”
Hong has been at the company's helm since December 2002. In 2007, he bought a cable television network, Dongah TV, establishing the company as a comprehensive media group, according to The Korea Herald article, posted on AsiaMedia.
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