Korean Air Lines Co Ltd shareholders removed chief executive Cho Yang-ho from it...
SEOUL - Korean Air Lines Co Ltd shareholders removed chief executive Cho Yang-ho from its board in a landmark vote on Wednesday, making him the first founding family member of any South Korean corporate giant to be forced off a board.
“Today’s result is a wake up call that Korean Air family’s scandals starting from ‘nut rage’ have not been forgotten,” said Park Ju-gun, head of corporate analysis firm CEO Score. The incident, dubbed ‘nut rage’, severely tarnished the carrier’s image and it was parodied on international TV and online for months.
Influential proxy adviser ISS had also recommended investors vote against the reappointment, citing “sufficient evidence of egregious governance concerns and material failure of fiduciary duty.”CHANGE “NEARLY IMPOSSIBLE” Cho’s only son Cho Won-tae, widely seen as the third generation successor of the conglomerate, is currently a board member of the company and the president of Korean Air.
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