News
‘End of an Era’ for Cho and Park
March 29th 2019
In under 30 hours, Korean Air Chairman Cho failed to get re-elected while Asiana Chairman Park resigned. Read More »
There was momentous change in Korean aviation in the space of 30 hours this week. Korean Air Chairman Cho failed to be re-elected due to growing resentment over criminal charges in his family, which has managed Korean Air. A bigger test and possible challenge is if activist shareholders will succeed in voting up outside directors. Chairman Cho has not resigned and can continue to work at the airline.
Asiana Chairman Park resigned, a move mostly to show him taking action after auditors disagreed with Asiana’s finances. After a warning from the financial regulator, Asiana accepted the auditors’ view and sharply revised downwards its financial performance for 2018.
Chairman Park previously resigned in 2009n and then re-joined. While some observers caution his resignation could be another symbolic move, there also questions if the ageing leader wishes to resume oversight of Asiana.
