SEOUL, Aug. 18 (UPI) -- The sudden resignation of Hanaro Telecom President Yoon Chang-bun is expected to cause further headaches for South Korea's second-largest ISP.
The Korea Times said Hanaro was having a difficult time digesting the high-price takeover of rival Internet service provider Thrunet, which had a significant number of delinquent subscribers who wound up being dropped.
Chang-bun had been able to get Hanaro back on track in 2003 by attracting $1.1 billion in foreign investment; however, analysts told the Times that they expected the coming months to bring layoffs among Hanaro's 1,500 employees and possible clashes with angry unions.
Senior Vice President Kwon Soon-yub was named acting CEO pending votes by the board and shareholders on a new leader.
