Candidate Kim Chi-hoon of Banjo Won-tae Jinyeong Voluntarily Withdraws from Corporate Director Position

"Does Not Agree with Shareholder Proposal from Shareholder Coalition... Supports Current Management"

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Je-hoon] Kim Chi-hoon, former executive director of Korea Airports Corporation, who was nominated as an inside director candidate of Hanjin KAL by the 'Shareholder Alliance for the Normalization of Hanjin Group (Shareholder Alliance)' consisting of former Korean Air Vice President Cho Hyun-ah, private equity fund KCGI, and Bando Construction, has voluntarily withdrawn.

According to Hanjin Group on the 17th, former Executive Director Kim stated in a letter sent to the CEO of Hanjin KAL on the same day, "I would like to take this opportunity to express my position regarding the Shareholder Alliance's nomination of me as an inside director candidate."

Former Executive Director Kim said, "I do not agree with the shareholder proposals advocated by the Shareholder Alliance. I regret that things are proceeding very differently from my sincere intentions," adding, "As a KALMAN, I fully understand the position of Hanjin Group and rather support the current management team composed of colleagues and juniors."

He continued, "I sincerely hope that all members of Hanjin Group will unite their strength and work towards greater harmony so that the group can develop further."

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