Hanjin Group, which owns Korean Air, announced on Monday that its chairman Cho Yang-ho has died. Cho's death comes only a week after he was removed from Korean Air's board of directors.
Our Lee Min-sun is on the line for us with more.
Min-sun, can you tell us more?
Hi Mark,
Hanjin Group just announced on Monday morning that its chairman Cho Yang-ho died on Sunday at age 70. Cho had been staying in the United States recently, and though details are still not known, he reportedly died in a hospital in Los Angeles from a chronic disease.
Cho took over as chairman of Hanjin Group in 2013. He succeeded his father who founded the group that owns the country's largest air carrier, Korean Air.
Cho is considered as an expert in the aviation and transportation field as he spent over 45 years in the sector since he joined the Korean Air in 1974.
He also was deeply involved with the hosting of the 2018 Pyeongchang Winter Olympics.
Cho recently lost his board seat at Korean Air in a shareholders’ meeting last month.
It was the first time that a founding family member of one of Korea’s Chaebol or conglomerates has been removed from a key position by shareholders.
His family has been under investigation over multiple criminal charges including assault, embezzlement, and smuggling luxury goods.
That's all I have at this hour, Mark.