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.
