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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Korean Air shareholders oust tycoon from board in landmark voteKorean Air Lines Co Ltd shareholders rejected an extension for CEO Cho Yang-ho a...
Read more »
North Korean staff return to Kaesong inter-Korean liaison office without explanationSeveral North Korean officials returned to the inter-Korean liaison office, just three days after the entire North Korean staff was withdrawn due to unspecified orders from 'superiors.'
Read more »
North Korean officials return to inter-Korean liaison office: South KoreaNorth Korea sent back its officials to an inter-Korean liaison office in the Nor...
Read more »
South Korea staffs liaison office despite North Korea pull outA convoy of dozens of South Korean officials left for an inter-Korean liaison of...
Read more »
Hundreds of South Korean hotel guests were secretly filmed and live-streamed onlineHundreds of hotel guests in South Korea were secretly filmed and live-streamed online. Cameras were hidden inside digital TV boxes, wall sockets and hairdryer holders, police say.
Read more »
South Korean watchdog cuts fine on Qualcomm after decade-old legal battleSouth Korea's antitrust regulator has lowered a decade-old penalty imposed ...
Read more »
South Korean semiconductor stocks surge on the back of Micron earningsShares of semiconductors companies in South Korea soared during Thursday's trading session after earnings results from Micron.
Read more »
‘No evidence’ American figure skater deliberately slashed a South Korean competitorFigure skating’s governing body said no formal complaint was received in alleged incident involving Mariah Bell and Lim Eun-Soo during warm-ups at the World Figure Skating Championships.
Read more »
Revolutionary group that raided North Korean Embassy establishes contact with FBIThe decision to engage federal authorities thrusts the U.S. intelligence community into a sensitive international investigation.
Read more »
Korean figure skater's team claims American hit her with skate during practiceThe International Skating Union said that it was made aware of the incident between U.S. skater Mariah Bell and Lim Eun-soo, but that it does not appear Bell intentionally hurt her.
Read more »