Korean Air has filled management positions at its subsidiaries Asiana Airlines, Air Seoul and Air Busan. The aim of the innovations is to simplify the ongoing integration process after the takeover. Song Bo-young, former head of passenger sales and network at Korean Air, has been named CEO of Asiana Airlines. Kim Jung-ho, Senior Vice President of Korean Air, CEO of Air Seoul, while Jeong Byeong-seop, Director of Passenger Sales, CEO of Air Busan.
The new appointment comes against the background of extensive restructuring at Asiana Airlines. Twelve executives at Asiana have reportedly resigned in recent weeks and been replaced by managers from Korean Air. Employees expressed concerns about possible changes to the company’s culture and the future of the Asiana brand. According to Korean Air CEO Cho Won-tae, the Asiana brand will disappear as part of the integration. The process is expected to take two years.
In addition, Korean Air, its subsidiaries Air Busan and Air Seoul are integrating into its own low-cost airline Jin Air to create South Korea’s largest low-cost carrier. Current Jin Air CEO Park Byung-ryul will remain in his position.
In parallel with the restructuring, Korean Air issued a new corporate bond worth 50 billion won (around 33 million euros), which was three times oversubscribed. The proceeds will be used to refinance an older bond worth 200 billion won. This is the aim to reduce the financial burden on the company.
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