T’way Air (South Korea) CEO Jeong Hong-geun has stepped down after failing to secure a fourth consecutive term, following the airline’s acquisition by Daemyung Sono Group. This leadership transition marks a significant shift for the South Korean low-cost carrier, which is now under new ownership.
Minority shareholders of T’way Air (South Korea) have begun legal and financial action, alleging violations of their shareholder rights amid the airline’s merger and acquisition agreement involving major stakeholders Yelimdang and Daemyung Sono Group. The dispute highlights growing concerns over transparency and fair treatment in corporate governance during ownership transitions.
T’way Air, a South Korean low-cost carrier, is at the center of strategic business developments as its shareholder, the Daemyung Sono Group, moves to acquire management rights of the airline. This ambitious step could potentially lead to significant changes in South Korea’s aviation landscape.
