SEOUL: Korean Air Lines Co Ltd shareholders rejected an extension for CEO Cho Yang-ho as director in a landmark vote on Wednesday, ending his 27-year tenure on the board of South Korea's biggest carrier and sending its shares higher.
"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. CEO Cho did not attend the shareholders' meeting as he is overseas, a Korean Air spokeswoman said, declining to comment on the voting results.
But some observers doubted much will change in the country's corporate governance record or at the airline.
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