SEOUL: 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 yesterday.
Cho Yang-ho, who is on trial for corruption, failed to secure a required two-thirds majority, becoming the first controlling shareholder of a South Korean conglomerate to be forced off the board. The super-wealthy owners of chaebols - the sprawling conglomerates that dominate the world's 11th-largest economy - are no strangers to controversy, but a string of high-profile scandals have vaulted the Cho family to notoriety in South Korea, even sparking protests by their employees.
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 on Tuesday that it would oppose Cho's re-election, citing his records of"undermining corporate value and infringing upon shareholder rights".
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