June 25, 2018

Korean Air CEO to withdraw from all affiliate posts

PUBLISHED : June 15, 2017 - 16:32

UPDATED : June 23, 2017 - 13:17

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[THE INVESTOR] Korean Air Lines announced on June 15 that its president and CEO Cho Won-tae will resign from all posts at its five affiliates, to promote the company’s “transparency and management efficiency.” 

As the only son of Hanjin Group Chairman Cho Yang-ho, Won-tae took helm of the country’s largest full-service carrier in January. He was also CEO of five affiliates -- Hanjin KAL, Korea Airport Service, UniConverse, Hanjin Information Systems & Telecommunications and Jin Air. 

In the face of mounting challenges from budget carriers and slowing demand from China, Cho will focus on the core airline business, said the company in a statement. 

The group also announced that Chairman Cho and his three children will transfer their entire personal stakes in UniConverse to Korean Air. The airline company and Won-tae were charged last year for internal transactions within Hanjin Group. Korean Air and its affiliates Cyber Sky and UniConverse were slapped a penalty of 1.43 billion won (US$1.27 million). 

By Hwang You-mee (

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