Jeong Gap-yeong, Former Yonsei University President, Appointed as Chairman of Korean Air Board... First Outsider

Jeong Gap-yeong, former president of Yonsei University

[Asia Economy Reporter Kim Hyewon] Korean Air has appointed former Yonsei University President Jung Gap-young, an outside director, as the chairman of the board. Cho Won-tae, Chairman of Hanjin Group, has stepped down from the position of board chairman.

Korean Air announced that on the 27th, following the approval of an amendment to the articles of incorporation at the regular shareholders' meeting to separate the roles of CEO and chairman, the board convened immediately after the meeting and appointed former President Jung as the board chairman. This is the first time in history that an outside director has taken the position of Korean Air’s board chairman.

Earlier, at the shareholders' meeting held that day, former President Jung was appointed as a new outside director along with Cho Myung-hyun, Professor at Korea University Business School, and Park Hyun-joo, Advisor at SC First Bank.

As board chairman, Jung will convene and preside over board meetings, advise on the company’s strategy and direction, and collect opinions from shareholders and investors to convey them to the board.

A Korean Air official said, "Chairman Jung’s balanced decision-making across overall management will be a great asset in enhancing the company’s competitiveness."

Since last year, Korean Air has restructured its Outside Director Candidate Recommendation Committee to be composed entirely of outside directors and has established a Compensation Committee and a Governance Committee, implementing measures to strengthen transparency in governance and enhance the independence of the board.

At this regular shareholders' meeting of Korean Air, resolutions were passed including the approval of the 2019 financial statements, the appointment of Woo Ki-hong as Korean Air President and Lee Soo-geun as Vice President, the appointment of outside directors Jung Gap-young, Cho Myung-hyun, and Park Hyun-joo, the appointment of Park Hyun-joo as an audit committee member, and the approval of the directors’ remuneration limits.

This content was produced with the assistance of AI translation services.