‘Nut rage’ heiress Cho Hyun-ah forms alliance to oust brother as Korean Air CEO
- Cho Hyun-ah has teamed up with two shareholders of the airline’s parent company, Hanjin KAL, ahead of a shareholders meeting
- The Cho family has been engaged in a bitter feud over the management of their business since their father died
Cho Hyun-ah, a former Korean Air executive whose 2014 “nut rage” incident made global headlines, has joined forces with key shareholders of the airline’s parent company in a bid to oust her brother, citing a “crisis” in management.
The move comes amid a bitter family feud between the Korean Air CEO and group chairman Cho Won-tae and his sister ahead of a shareholders meeting in March.
Cho Hyun-ah, activist fund KCGI, and Bando Engineering & Construction – shareholders in Korean Air’s parent company Hanjin KAL – said in a joint statement that the carrier and its parent group’s “current management situation is a serious crisis and it cannot be improved by the current management”.
Professional managers must be introduced, the statement said.
“To this end, we agreed to actively cooperate in activities for the growth and development of Hanjin Group, including exercising voting rights and putting forth proposals at the upcoming Hanjin KAL shareholders’ meeting,” the statement said.
