Seoul, May 4 – LEE Hee-beom, a former minister of Trade, Industry and Energy, is tipped as the new President of the PyeongChang Organizing Committee for the 2018 Olympic and Paralympic Winter Games (POCOG).

After yesterday’s unexpected announcement by President Yang-ho Cho that he was stepping down from his position at POCOG, organisers are eager to continue preparations smoothly for the 2018 Winter Olympics.

Cho, who is also Chair of the Hanjin Group, made the decision so as to be able to focus his efforts on restructuring and stabilizing one of the group’s companies, Hanjin Shipping, which faces critical financial issues.

In order to minimize the vacancy, POCOG has put forward Mr. Lee today, after thoughtful consideration.

LEE began his career as a government official in 1972 and served as Minister of Trade, Industry and Energy from 2003 to 2006. He then took on executive positions at various institutions and companies including the Korea International Trade Association, the Korea Employers Federation, STX Energy and STX Heavy Industries. He is currently an advisor of LG International Corporation.

POCOG will soon hold an Executive Board and General Assembly meetings to officially appoint LEE as the new President, which decision will then need to be approved by the Ministry of Culture, Sports and Tourism of the Republic of Korea.