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SEOUL, March 27 (Reuters) – Shareholders of Korean Air’s 003490.KS father or mother agency Hanjin Kal 180640.KS voted on Friday to maintain Korean Air CEO and group Chairman Walter Cho as a board director, an final result seen by analysts as a victory for the established order on the conglomerate.
Cho, 44, who turned chairman after his father’s dying final yr, fended off a problem from his older sister and an activist fund to switch him with an expert supervisor.
About 57% of Hanjin Kal shareholders represented in its annual normal assembly (AGM) voted for his continued directorship within the father or mother agency.
The proxy struggle has been a significant distraction for the loss-making airline because it struggles to outlive the extreme aviation business downturn triggered by the coronavirus pandemic.
Korean Air mentioned this week all executives will forgo 30%-50% of their salaries beginning April.
(Reporting by Joyce Lee; Enhancing by Stephen Coates)
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