Korean Air Lines Co Ltd's chief executive on Monday said ownership discussi...
SEOUL - Korean Air Lines Co Ltd’s chief executive on Monday said ownership discussions are ongoing with family members after their patriarch’s sudden death in April raised questions about the future of the airline and parent Hanjin Group.
“He told us harmony among family members is of utmost importance and what we must achieve through harmony is to protect the company,” CEO Cho said of his father at an annual meeting in Seoul of the International Air Transport Association. Cho’s death left his family with an inheritance tax bill of around 170 billion won , equal to about half his entire Hanjin Kal stake, some analysts estimated. CEO Cho declined to discuss the tax and management rights on Monday.
Asked how he would deal with growing competition in South Korea’s aviation industry, CEO Cho said the airline as been too passive in competing with fast-growing low-cost carriers and that he would adopt a more aggressive strategy.
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