SsangYong Motors CEO Calls it An End to A Wonderful Journey

SsangYong Motors CEO Yea Byung-Tae is resigning after dwindling losses incurred for months. A South Korean media report said the company is shifting towards new age with a different dimension to investments and marketing strategies. It looks to expand its business across big corps, but it won’t be easy. SsangYong appears to be on borrowed time as its longstanding CEO flees the sinking ship.

“As securing new investment is taking longer than expected, and as the restructuring process is imminent, more complications and struggles are expected to lie ahead,” Yea said in a resignation letter which was sent to employees and executives at the automaker last week.

The letter presented his disappointment on the matter and also he wasn’t expecting a time to come soon. He asserted that he felt let down by the conglomerate’s efforts to succeed in his reign, and he was deeply in shock because of that. The report further stated that Irvine, California-based auto distributor HAAH Automotive was a potential investor. Without investors, SsangYong Motors will end up in court receivership for the second time since 2009.

An injection of investment would help the company go back to where it belongs, but it would be tough as the time is flowing fast. The Seoul Bankruptcy Court set a March 31 deadline for HAAH Automotive to send a letter of intent but there has been no response from the auto retailer. The shushing around the topic could worsen the woes of SsangYong Motors as it will soon have to fight a court case for the dissolution of the company. Procurement of funds is as essential as giving a new direction to the looming wave of the company.