“Nutrage” Sister Fails to Remove Brother as Hanjin’s CEO

The younger brother has successfully held off his older sister of “Nutrage” fame of removing as head of the family Chaebol:

Hanjin Group Chairman Cho Won-tae was reappointed as an executive director of Hanjin KAL, the group’s holding company, Friday, defending his management rights of the logistics-centered business group amid a sibling feud with his elder sister and group heiress Cho Hyun-ah.

During the holding firm’s shareholders meeting, the incumbent chairman defended his board seat by garnering 56.67 percent approval.

Cho Won-tae has been in fight for control of the group with a three-party anti-chairman alliance led by his sister. 

Hyun-ah, a former vice president at Korean Air who is backed by local activist fund Korea Corporate Governance Improvement (KCGI) and mid-sized builder Bando Engineering & Construction, has called for the need to replace the leadership to improve the group’s financial status and shareholder value. 

A day ahead of the shareholders meeting, the National Pension Service (NPS) announced its decision to vote for the reappointment of the group’s incumbent chairman as an executive director.

The state pension fund, which holds a 2.9 percent stake in Hanjin KAL, was considered to hold a casting vote in determining the chairman’s fate. 

Korea Times

You can read more at the link, but it makes you wonder what if any backroom deals were agreed upon with the National Pension fund to keep Cho Won-tae as CEO?