Son Byeong-seok, President of Korea Railroad, Announces Resignation "Taking Responsibility for Poor Performance"

[Asia Economy Reporter Kangwook Cho] Son Byung-seok, President of Korea Railroad Corporation (KORAIL), tendered his resignation on the 2nd.

KORAIL announced that President Son expressed his intention to resign, taking responsibility for the accumulating deficits in the management situation and the poor performance in the management sector revealed in the 2020 public institution management evaluation.

KORAIL received a 'C' grade, indicating a level of suspension, in the recently announced public enterprise management evaluation, but received the lowest grade 'E' in the management sector among the evaluation categories.

In his farewell address, President Son urged the executives and employees, "I hope that various management issues, including overcoming the financial crisis faced by KORAIL, labor costs, and organizational culture problems, will be improved and that KORAIL will be reborn as a public enterprise trusted more by the people."

He continued, "I ask the public not to lose trust in the approximately 30,000 KORAIL family members who are working tirelessly day and night to operate the trains."

President Son was appointed as KORAIL president in March 2019, succeeding former President Oh Young-sik. His term was until March 2022.

President Son informed Minister of Land, Infrastructure and Transport Noh Hyung-wook of his resignation, and it is known that the Blue House accepted it.

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