Korean Air patriarch, chairman and CEO Cho Yang-ho died of a chronic illness on ...
SEOUL - Korean Air patriarch, chairman and CEO Cho Yang-ho died of a chronic illness on Monday, the airline said, raising hopes for leadership renewal just weeks after investors removed him from the board in a victory for shareholder activism.
Some investors were also buying on expectations of a potential battle over the 70-year-old patriarch’s stake in the holding firm, said Um Kyung-a, an analyst from Shinyoung Securities. A South Korean activist fund recently boosted its stake in Hanjin Kal to 13.5 percent and vowed to take a role in management, blaming poor governance from Cho and his family.
The “nut rage” incident severely tarnished the carrier’s image and generated derisive international headlines for months. Subsequent scandals involving Cho’s daughters only deepened concerns around the family’s leadership. He died from a chronic ailment in a Los Angeles hospital early on Monday Korean time, the airline said without providing further details.
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