Memorial Ceremony for the 2nd Anniversary of Late Chairman Cho Yang-ho... Cho Hyun-ah Absent

Chairman Cho Won-tae of Hanjin Group attended the 2nd anniversary memorial event for Chairman Cho Yang-ho held on the afternoon of the 8th at Seonyeong in Hagal-dong, Giheung-gu, Yongin-si, Gyeonggi-do.

[Asia Economy Reporter Dongwoo Lee] Hanjin Group announced that the 2nd anniversary memorial service for the late Chairman Cho Yang-ho was held on the 8th at Singal Seonyeong in Hagal-dong, Yongin-si, Gyeonggi-do, in a calm atmosphere.

The memorial service was attended by about 100 people, including Chairman Cho Won-tae, former Ilwoo Foundation Chairwoman Lee Myung-hee, Hanjin Vice President Cho Hyun-min, members of the Hanjin family, and senior executives of the group. Former Korean Air Vice President Cho Hyun-ah did not attend this year, as she did last year.

Considering the COVID-19 situation, no separate external events were held. Before the memorial event, Chairman Cho and Chairwoman Lee, along with family members, visited Woljeongsa Temple in Pyeongchang, Gangwon-do, in the morning to pay their respects to the deceased.

Chairman Cho Yang-ho became the head of Hanjin Group in 2003 and grew Korean Air into a global airline. However, he faced hardships in his later years, including failing to be reappointed as an inside director, and passed away on April 8, 2019, from pulmonary fibrosis at a hospital in Los Angeles (LA), USA.

Chairman Cho, who inherited the management rights, entered into a management dispute with the so-called three-party coalition consisting of former Vice President Cho Hyun-ah, private equity fund KCGI, and Bando Construction. After successfully defending his management rights at last year's shareholders' meeting, Chairman Cho achieved victory over the three-party coalition earlier this month when KCGI terminated the joint holding agreement among the shareholder alliance.

Chairman Cho plans to accelerate the reorganization of Hanjin Group ahead of the 2nd anniversary of his inauguration on the 24th. According to the ‘Post-Merger Integration (PMI) Strategy’ submitted by Korean Air to KDB Industrial Bank, the plan is to fully absorb Asiana Airlines within two years after the acquisition and integrate it into a single company. In particular, overlapping ground handling and IT affiliates of both companies will be merged into one company to streamline operations.