ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Father of Korean Air 'nut rage' executive ousted from board

Shareholders reject re-election of Chairman Cho Yang-ho over embezzlement charge

SEOUL -- Korean Air Lines Chairman Cho Yang-ho was ousted from the boardroom of the country's largest airline on Wednesday and forced to resign as its chief executive as more than a third of shareholders opposed his re-election due to an embezzlement allegation against him.

The company said 64.1% of shareholders voted for Cho's appointment as a board director in its annual shareholders meeting, falling slightly short of the two thirds, or 66.7%, needed to ensure his re-election. The remaining 35.9% of shareholders, including the National Pension Service, voted against him.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more