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Pantech Announces Management Changes to Support Expansion of Overseas Business
Sung-Kyu Lee to take up dual role as CEO of Pantech&Curitel Communications, Inc. & Pantech Wireless, Inc. to spearhead brand development in overseas markets
Il-Joong Kim set to become new chief executive of Pantech Co.
Seoul, South Korea - February 10, 2006:Pantech Group, the number two mobile phone company in South Korea, today announced major changes at management level among its core affiliates, as part of its strategy to continue the worldwide expansion of the company, while consolidating its share of the domestic Korean market.
Pantech, which currently has the second highest market share in Korea, said Sung-Kyu Lee, formerly CEO of Pantech Co., will take up a new position as CEO of both Pantech&Curitel Communications, Inc. and Pantech Wireless, Inc., the groups U.S. corporation.
The outgoing CEO of Pantech&Curitel Communications, Inc., Dr. Moon S. Song, will move into a new role as a senior technology strategy consultant for Pantech Group.
Il-Joong Kim, who is head of Pantech Co.s domestic operations, will take over as the new CEO of Pantech Co. Mr. Kim will also be responsible for the Korean business operations of Pantech Group. The new appointments are subject to approval at each companys shareholders meetings and board meetings in March 2006.
Man Gi Kim, Vice President, Pantech Group, said: Pantech is in the process of developing its brand and its sales operations across an increasing range of overseas markets. We believe that this reshuffling of our senior management, which will see Mr. Lee taking responsibility for the groups entire global business, will strengthen our focus on global expansion.
The move will allow for greater integration between the international operations of the group and will bring about important synergies in launching CDMA and GSM handsets in key global markets, said Mr. Man Gi Kim.
In overseas markets, Pantech Co. focuses on the sale of GSM handsets, while Pantech&Curitel Communications, Inc. provides CDMA handsets. All products from the group are sold under the Pantech brand in global markets. In Korea, the company maintains two brands: SKY, which is targeted at the super premium segment, and Curitel, aimed at the mid/high-tier segment.
Pantech Group, which is ranked second in the South Korean domestic market in terms of unit sales, aims to become one of the worlds top five handset manufacturers. The group is currently ranked seventh globally. In 2006, Pantech has targeted sales of 27 million units, with projected revenues of KRW4.8 trillion.
About Pantech:
Pantech, through its affiliates - Pantech Co., Ltd., Pantech&Curitel Communications, Inc. and Pantech C&I Co. - is the number two mobile phone company in South Korea and is the seventh largest handset manufacturer in the world. Pantech has been responsible for a number of breakthrough innovations in the mobile technology sector, including the introduction in 2004 of the world's first fingerprint recognition camera phone, as well as award winning camcorder, MP3 and DMB phones. In 2005, Pantech affiliate Pantech&Curitel Communications acquired SK Teletech Co., the handset manufacturing arm of SK Telecom, the number one mobile network operator in South Korea. The SKY brand, originally marketed by SK Teletech as the most popular premium handset brand in South Korea, has since become part of the Pantech brand portfolio. Pantech markets its products under the SKY and Curitel brands in the domestic Korean market and under the Pantech brand overseas. Pantech collectively has approximately 5,000 employees and 22 regional sales offices worldwide. For more information on Pantech, please visit www.pantech.com.
Media Contacts:
Pantech
In Soo Nam nam.insoo@pantech.com +822-2030-1931
Kwang Heo deltachi@pantech.com +822-2030-1932
Eun Sil Koh summer1004@pantech.com +822-2030-1933
Yu In Yang sweetyuin@pantech.com +822-2030-1934
Edelman
Charles Hogan charles.hogan@edelman.com +822-2022-8207
Jill Lee jill.lee@edelman.com +822-2022-8229
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