SEOUL -- The crucial vote Wednesday by South Korea's National Pension Service to remove the head of Korean Air Lines from the boardroom signals that the country's largest institutional investor has turned against the country's sprawling family-run conglomerates, or chaebol.
The vote has likely made Chairman Cho Yang-ho, who is also the boss of Korean Air parent Hanjin Group, the first chaebol chief to lose a board seat at an affiliate in an investor vote. He will stay on as chairman of Korean Air, a role with no involvement on the board.
