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.
Korean Air has been plagued in recent years by a series of scandals involving its founding family members, which culminated in the indictment of the 70-year-old Cho last year over charges of embezzlement and breach of trust. Cho has denied the charges against him.
A total of 64.1 percent of shareholders present at the meeting voted for the airline's proposal, narrowly falling short of the two-thirds required for approving a three-year extension for Cho on the board. But some observers doubted much will change in the country's corporate governance record or at the airline.
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