Young, wife of late chairman Cho Soo Ho is set to be appointed as vice-chairman of Hanjin Shipping. A formal announcement is likely to be made at a shareholders’ meeting next month, a company spokesman said.
Choi owns 3M shares in Hanjin, which is roughly 4% of the total stock and stands to increase her share to 7% if she obtains ownership of shares now under the name of her deceased husband.
Israeli tycoon Sammy Ofer commands a 12% ownership share through an investment vehicle, but the Choi family is said to be well placed to ward off any hostile take-over attempt with the help of friendly shareholders as it controls nearly 30% of equity.
The position of Chairman has been left vacant with President and CEO Park Jung Won being entrusted with the task of running the company. Choi’s role is said to be mainly advisory though it is likely she will undergo training in business management.
CHO'S WIFE MAY CONTROL HANJIN
Young, wife of late chairman Cho Soo Ho is set to be appointed as vice-chairman of Hanjin Shipping. A formal announcement is likely to be made at a shareholders' meeting next month, a company spokesman said.
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