By August 2013, Korean Air will have transformed
into a new holding company structure with two entities: Hanjin KAL
Holdings and Korean Air.
Hanjin KAL Holdings will be responsible
for investment business management, while Korean Air will be in
charge of the overall airline business operations.
The existing shareholders of Korean Air will
receive their shares of the new holding company in proportion to
their current stocks.
Hanjin KAL Holdings, a new holding
company, will take control of investment business, general
management of affiliate companies and intellectual properties such
as branding and trademarks.
Korean Air, its operating
company, will be responsible for airline business operations, from
air transport, aerospace, catering, inflight duty free sale to
Mr. Tai Soo Suk, incumbent President and
COO of Hanjin Transportation Co., Ltd, has been appointed as the
President and COO of Hanjin KAL Holdings.
Korean Air’s Board of Directors approved this
reform on 22 March, and the airline will hold an Extraordinary
General Meeting to seek approval for the restructuring plan in the
late June. The business of Korean Air will be reorganised on 1
August 2013 accordingly.
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