The head of South Korea's flag carrier Korean Air -- whose family have been embroiled in multiple scandals including one involving a"nut rage" tantrum -- lost his board seat after shareholders voted against extending his term as director, the airline said Wednesday.
The 70-year-old tycoon is the chairman of the Hanjin Group, which used to own the now-bankrupt Hanjin Shipping line.But the National Pension Service, the airline's second-biggest shareholder, had said Tuesday it will oppose Cho's re-election, citing his records of"undermining corporate value and infringing upon shareholder rights".
"He maintains his post as the chairman and is the biggest shareholder of Korean Air so he will continue participating in the management," she added. His two daughters, who held management positions at Korean Air, previously became viral sensations for temper tantrums dubbed the"nut rage" and"water rage" scandals, forcing Cho to issue a public apology and remove them from their posts.
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