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Korean Yahoo CEO to Resign

2:23 pm on Feb 16, 2007 (gmt 0)

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Yahoo Korea CEO Sung Nak-yang said he would resign by May, citing disagreement between him and the company's U.S. headquarters over the Korean branch's operations. Sung said that he had notified the company of his intention in January, as he had had trouble with headquarters over budgeting and strategic planning. He is to keep the title of CEO until May, though the management control will be in the hands of an emergency executive committee.

Sung stressed that the decision was solely made by him, not by the company. "I am stepping down of my own free will,"; he told reporters in Friday's press conference, denying allegations about being fired. "Sales have grown by more than 25 percent per year, and the operating profit by more than 30 percent since I became CEO.";