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Pantech founder resigns as vice chairman due to firm's poor performance

Alexis Santos
September 25, 2013
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Pantech's been mustering all it's got to win folks over with its smartphones, but poor business performance has prompted Park Byeong-yeop, the firm's founder and current vice chariman, to resign. Despite Samsung's recent $50 million investment, the firm's taking additional measures to solve its financial woes, which weren't eased by disappointing smartphone sales and a $46 million operating loss in Q2 2013. The Korean manufacturer is asking approximately 800 employees -- roughly a fourth of its workforce -- to take a voluntary, unpaid leave of absence for six months. If the outfit's circumstances haven't improved by the end of that period, it plans to ask another 800 folks to swap places with those on leave. Tough times are ahead for camp Pantech, but here's hoping the fiscal belt-tightening changes the state of its coffers.

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