Korean Air chairman Cho Yang-ho has died, the South Korean airline said on Monday, less than three weeks after investors voted to remove him from ...
SEOUL: Korean Air chairman Cho Yang-ho died of a chronic illness on Monday , less than three weeks afterof South Korea's largest carrier in a landmark victory for shareholder activism.
Shares of the family-controlled airline and Hanjin Kal, the holding company for parent Hanjin Group, jumped on news of the death, as investors push for better governance under new management or a younger generation of the Cho family. "Of course, his family will try to inherit his shares, but that can take time and money ... So that opens a window for expectations about a takeover battle," Um said.Cho holds a 17.8 per cent stake in Hanjin Kal that controls the airline conglomerate. Cho, his relatives and the family's academic foundations own a total 29 per cent of the holding firm. Cho's only son, company president Cho Won-tae, is widely seen as his likely successor.
During the Asian financial crisis in the late 1990s, he saw an opportunity to expand and bought 27 Boeing planes. A few years later, as the global airline industry reeled from the Severe Acute Respiratory Syndrome crisis, he placed a massive order for Airbus' A380 planes in 2003.
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