Korean activist fund takes aim at family-controlled Korean Air, the fund is pushing for board and management overhaul.
“We are simply hoping to prod Korean Air to cut debt and stop investing in unprofitable businesses… They refused twice to meet us, effectively saying we were just one of ten thousand shareholders with whom they can’t meet individually. That really disappointed me.”
Kang Sung-boo, KCGI Activist Fund CIO
Korean Air is one of many “Chaebols” family-owned global conglomerates like Samsung and Hyundai. Is the fund is successful in removing the founding family it would be the first top Chaebol to shake off the founding family’s control, as many of these conglomerates enter the third generation of their ruling families.