Walter Cho charts course for seamless integration with Asiana Airlines

Korean Air Chair and CEO Walter Cho secured his position as a board member of the national flag carrier and pledged to steer the company toward successful integration with Asiana Airlines this year, marking a leap toward establishing a megacarrier. Cho received an 85% endorsement from participating shareholders during their annual meeting on Thursday. "Despite the prolonged timeline, the merger between Korean Air and Asiana Airlines will be a substantial driver of long-term growth," Cho said in a written statement to shareholders on Thursday. "The ongoing business review for the acquisition of Asiana Airlines gained approval from Japan in January and the EU in February, with only the US' review pending. Our company is diligently preparing to expedite the review process and ensure a successful integration with Asiana Airlines." Despite the divestment of Asiana Airlines' cargo freighter business and the transfer of specific European routes on the way to comply with the EU's conditional approval, the industry foresees that the merger will propel the company to the list of the global top 10 air carriers. Korean Air also aims to resolve concerns over potential route monopolies raised by the US Department of Justice through consultations by June, seeking approval within the year. Meanwhile, a day prior to the shareholders' meeting, Cho convened a face-to-face town hall gathering where he openly engaged with Korean Air employees and addressed their concerns. According to industry sources, the meeting was held at the Korean Air headquarters, where approximately 100 employees voluntarily participated and reportedly queried Cho on various aspects of the impending merger. In response, the chair assured them of the company's commitment to securing favorable outcomes from US regulation authorities, which is regarded the final hurdle in the process.<br/>