Management change to boost Pantech’s recovery

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Management change to boost Pantech’s recovery

Pantech, the third-largest handset maker once on the verge of going out of business, announced on Tuesday a new management structure after a consortium led by optical disc manufacturer Optis and telecommunications equipment maker Solid acquired the debt-ridden company in July.

A new entity created after the deal officially started operating on Tuesday with the same company name as Pantech.

Heading the company is CEO Jung Joon of Solid, who will be chief executive of the company.

Moon Ji-wook, who formerly served as director of Pantech’s Joongang Research Center, was promoted to president from vice president. Moon is expected to oversee day-to-day business operations, while Jung will be focused on setting a broader business vision and strategy.

The company has also formed a management committee involving Jung and Moon as well as other division heads.

The new management structure comes after the consortium signed an official contract in July to take over the troubled company.

Pantech requested a court receivership in August last year. In the acquisition process, Pantech was divided into two units - one became the foundation for the new Pantech while the other was liquidated.

The new Pantech unit is seeking to shift the business focus toward selling budget smartphones in developing Asian countries.

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