He said in a statement he couldn't continue with the Olympic job because he needs to focus on stabilizing Hanjin Shipping, South Korea's largest container carrier, which said last week that it will undergo a debt revamp program with creditors in its last-ditch efforts to stay in business. Cho took over as president of Pyeongchang's organizing committee in July 2014 after the sudden resignation of Kim Jin-sun, the former governor of the region that includes Pyeongchang. "For the past two years, I have truly put forward my very best efforts to work with every member of the organizing committee to prepare a successful Olympic and Paralympic Winter Games in 2018," Cho said in the statement.