Days after photos of broken windows and smashed china hit the newsstands reveali...
“I didn’t meet her initially because I didn’t take it seriously when she said she was ready to give up everything,” Kang Sung-boo, who runs the $380 million fund that is pushing for board and management overhaul at the airline, told Reuters.Heather Cho’s legal counsel did not comment on Kang’s recount of their discussions.
Kang’s fund KCGI and his backers including Heather have mustered roughly 37% of voting rights of Hanjin and seek to replace Walter Cho with mobile industry veteran Kim Shin-bae as a new board member to press restructuring of Korean Air. Hanjin said many activist funds seemingly advocating shareholder rights ended up profit-taking, and private funds’ threats to management do not help its long-term development.
“The third generation is taking over, but their abilities aren’t proven, so the process of finding the most suitable CEO has become more transparent,” said Lee Chang-min, a Hanyang University management professor, calling the proxy fight “a turning point.” “This is why we’re interested in the work being done by KCGI, because it’s been pushing for board improvements.”
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