The KFA held a press conference this morning in Seoul, where Vice Chairman Huh Jung-Moo announced that Hong Myeong-Bo will see out his contract as national team boss (through the 2015 Asian Cup). Huh apologized for Korea’s poor World Cup performance, but said they believe that cutting ties with Hong would be a mistake and would not benefit Korea in the long-term.
Update: I wasn’t sure when I wrote this earlier, but it’s been clarified since then (by people who speak Korean better than I do). Apparently, Hong Myeong-Bo offered to resign after the World Cup, but was denied. Then after meeting with officials in Korea, he was convinced to stay on for the remainder of his contract.