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Hanjin heiress proposes ex-SK exec as conglomerate's new chief

All News 17:10 February 13, 2020

SEOUL, Feb. 13 (Yonhap) -- The heiress of South Korea's Hanjin Group, widely known for the "nut rage" incident in 2014, on Thursday proposed a former SK Group executive as a professional manager to lead the airline-focused conglomerate amid an escalating family feud over the throne of the conglomerate.

Cho Hyun-ah, 45, the eldest daughter of late Hanjin Group and Korean Air Lines Co. Chairman Cho Yang-ho, has recently partnered with local activist fund Korea Corporate Governance Improvement (KCGI) and midsized builder Bando Engineering & Construction Co. with an aim to replace the current leadership headed by her younger brother Won-tae, chairman of Hanjin Group and its flagship unit Korean Air Lines Co., with a professional manager.

This composite file photo shows (from L) Hanjin Group heiress Cho Hyun-ah, KCGI CEO Kang Sung-boo and Bando Engineering & Construction Co. Chairman Kwon Hong-sa. (Yonhap)

They have argued that inviting a professional manager will help improve the group's management, financial status and shareholder value.

In the statement released through their leading legal counsel, they recommended Kim Shin-bae, who served as executive vice chairman at SK Group and president at SK Telecom Co., as the professional manager of Hanjin Group.

They said they have made a proposal that is "the first step to normalize" Hanjin Group ahead of a shareholders meeting of Hanjin KAL, the holding company of the group, on March 25.

kyongae.choi@yna.co.kr
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