Woongjin Holdings Co., Ltd. announced that its Chairman Yoon Seok-geum will resign as CEO of the company. The company is currently headed by CEO Shin Kwang-soo. The chairman has been facing criticism over suspicions that he had intentionally filed for court protection for the group's holding firm and Kukdong Engineering & Construction in order to maintain his grip on the conglomerate.

Yoon has also been suspected of having applied for court receivership to nullify the sale of Woongjin Coway to MBK Partners in a bid to maintain control of the group's cash cow.