Ye Byeong-tae, Ssangyong Motor President, Resigns "Deeply Responsible... Must Not Lose Hope"

"There Are Still Many Interested Buyers... Let's Assess the Situation Objectively and Unite Our Efforts"

[Asia Economy Reporter Yu Je-hoon] Ye Byeong-tae, CEO of Ssangyong Motor, announced his resignation on the 7th ahead of the commencement of rehabilitation proceedings.

On the same day, Ye stated in an email sent to all Ssangyong Motor employees, "I deeply feel responsible as the CEO for the situation where we are once again facing the start of rehabilitation proceedings."

Ye said, "The company has implemented unprecedented proactive self-help efforts such as wage returns, suspension of welfare benefits, and asset sales, but with delays in attracting new investors, the decision to commence rehabilitation proceedings is imminent. I understand well the shock and frustration that employees will feel, and as the CEO who has been responsible for management, it is my duty to show accountability for this outcome."

He continued, "Although negotiations with existing potential investors are currently delayed, we must not lose hope. It is known that there are still many interested buyers, so while there may be some confusion and temporary pain, I urge you to calmly assess the current situation with the perspective that you yourselves will protect your workplace and to unite your strength."

Ye also stated, "You are the best experts in South Korea in sports utility vehicles (SUVs), the owners of Ssangyong Motor and the owners of Korea's SUVs. With this strength, securing new investors will not only establish a stable business foundation but also sufficiently lay the groundwork for sustainable business normalization."

This content was produced with the assistance of AI translation services.