'Nut rage' fallout: Korean Air chief ousted from board in landmark vote

Korean Air Lines shareholders removed CE Cho Yang-ho from its board in a landmark vote Wednesday, making him the first founding family member of any South Korean corporate giant to be forced off a board. The vote, which ended his 27-year tenure on the board of the carrier, adds fresh momentum to growing shareholder activism in Korea, long dominated by corporate giants accused of ignoring minority investors. "Today's result is a wakeup call that Korean Air family's scandals starting from 'nut rage' have not been forgotten," said the head of corporate analysis firm CEO Score. Korean Air has been plagued in recent years by a series of scandals involving its founding family members, which culminated in the indictment of Cho last year over charges of embezzlement and breach of trust. Cho has denied the charges against him. <br/>