While I understand the very Confucian logic behind such corporate harakiri (and its counterpart in government ministries), at the same time I wonder if damage is done to a corporation or organization if the people with experience — even in times of corporate misfortune — are required to quit. A revolving door can't be good for institutional memory at the top.
Although it's considered a very responsible, noble, and confucian thing to do, I agree with Kushibo's thoughts that it is not always the best thing to do for any organization. Unlike in many other western companies where people like to point fingers away from themselves, Korea (and many times in Japan) has a culture of letting the top guy take the fall. If anybody is old enough to remember, in 1994, the president of Korea Exchange Bank stepped down because of some lower level employees who were convicted of insider trading. Anybody who knows this individual (Mr. Huh) will swear to his character and cleanliness (in an otherwise dirty financial world), yet he took it upon himself (as culture dictates) to step down despite him not knowing anything about the insider trades. I don't think KEB has been the same bank ever since...especially after being bought and sold by a foreign firm.
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