‘Nut rage’ fallout: Korean Air chief ousted from board in landmark vote | Reuters

Korean Air Lines Co Ltd shareholders removed chief executive Cho Yang-ho from its board in a landmark vote on Wednesday, making him the first founding family member of any South Korean corporate giant to be forced off a board.

The vote, which ended his 27-year tenure on the board of the country’s biggest carrier, adds fresh momentum to growing shareholder activism in Asia’s fourth-biggest economy, long dominated by corporate giants accused of ignoring minority investors.

The surprise win for minority shareholders also comes after U.S. activist hedge fund Elliott Management failed last week to convince investors to support its demand for a massive special dividend and board seats at Hyundai Motor Group.

Source: ‘Nut rage’ fallout: Korean Air chief ousted from board in landmark vote | Reuters

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