Korean Air patriarch, chairman and CEO Cho Yang-ho died of a chronic illness on ...
SEOUL - Korean Air patriarch, chairman and CEO Cho Yang-ho died of a chronic illness on Monday just weeks after shareholders ended his 27-year tenure on the board of the country’s biggest carrier due to perceived leadership failings.
The death also raised the possibility of a bidding war over the 70-year-old patriarch’s stake in the holding firm, said Um Kyung-a, an analyst from Shinyoung Securities. A South Korean activist fund is the second-biggest shareholder of Hanjin Kal after the Cho family and recently boosted its stake to 13.5 percent, vowing to take a role in management to fix poor governance blamed on Cho and his family.
The “nut rage” incident severely tarnished the carrier’s image and generated derisive international headlines for months. Subsequent scandals involving Cho’s daughters only deepened concerns around the family’s leadership. Korean Air shares rose as much as 8.2 percent on Monday after the announcement of Cho’s death, their biggest percentage gain since Nov. 14 last year. Hanjin Kal gained as much as 24.4 percent to a more than two-month high, while the broader market was flat.Before his family’s high-handedness became an object of public ridicule, Cho was regarded as a paragon of South Korean business acumen.
He died from a chronic ailment in a Los Angeles hospital early on Monday Korean time, the airline said without providing further details.
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