Summary

Cho Yang-ho, born on March 8, 1949, in Incheonbu, Gyeonggi-do (now Incheon Metropolitan City), South Korea, was the eldest son and the second of four sons and one daughter of Cho Choong-hoon, the founder of Hanjin Group. He studied abroad in the United States, graduating from Cushing Academy in Massachusetts and later earning a master’s degree from the University of Southern California (USC) and a Ph.D. in Business Administration from Inha University. During his studies in the U.S., he returned to South Korea to serve in the military, where he was stationed in the Demilitarized Zone with the 7th Division of the Army and was also deployed to Vietnam.

In 1974, at the age of 25, Cho joined Korean Air, where he gained experience in various key aviation operations including maintenance, planning, and sales. Within six years, he was promoted to executive director, and by 1992, he became the president of Korean Air, later assuming the role of chairman in 1999. After the passing of Cho Choong-hoon in 2002, Cho Yang-ho became the chairman of Hanjin Group in 2003, following a dispute over the leadership succession with his siblings. As chairman, he significantly contributed to the development of Korea’s aviation industry and transformed Korean Air into a leading global airline. During the 1997 Asian financial crisis, Cho made a bold investment by selling 98 aircraft and then leasing them back, which allowed him to purchase 27 new models and overcome the crisis. In 2008, he established Jin Air, a low-cost carrier (LCC), in response to the declining profitability of major airlines.

Under Cho’s leadership from 1992 to 2019, Korean Air’s fleet expanded from 77 to 166 aircraft, and its international routes grew from 52 destinations in 20 countries to 124 destinations in 44 countries, establishing the airline as a global leader. Additionally, Cho served as a board member of the International Air Transport Association (IATA), contributing to the global aviation industry. He played a key role in bringing the 2018 Winter Olympics to Pyeongchang, serving as the chairman of the bid committee and later the organizing committee.

However, following the 2008 global financial crisis, Hanjin Shipping faced financial difficulties. In 2013, Cho supported the company with over 1 trillion won, but Hanjin Shipping eventually went into liquidation in 2017. In March 2019, Cho was ousted from his position as the CEO of Korean Air after failing to be reelected as an inside director during the annual shareholders’ meeting, ending his 20-year tenure. He later passed away on April 8, 2019, at the age of 70, due to a worsening lung disease while in the United States.

Cho also served as the vice chairman of the Federation of Korean Industries and the chairman of the Korea-U.S. Business Council, contributing to the national economy. As a member of the executive board and the strategy and policy committee of IATA, he enhanced South Korea’s status in the global aviation sector. He also played a significant role in promoting cooperation between South Korea and France as the chairman of the Korea-France CEO Club and the Korean chairman for the “2015-2016 Korea-France Mutual Exchange Year,” celebrating 130 years of diplomatic relations between the two countries.

As the chairman of the Pyeongchang Winter Olympics Bid Committee in 2018, Cho played a pivotal role in securing the Olympics for South Korea and contributed to the successful hosting of the event, laying the foundation for the development of sports in the country.

Timeline

▲ March 8, 1949 = Born.

▲ 1974 = Joined Korean Air.

▲ 1980 = Executive director at Korean Air.

▲ 1984 = Managing director at Korean Air.

▲ 1986 = Took on additional role as managing director at Hanjin Shipping.

▲ 1996 = Vice Chairman of Hanjin Group.

▲ 1999 = Chairman and CEO of Korean Air.

▲ 2002 = CEO of Hanjin and Chairman of Hanjin Group.

▲ 2004 = Chairman of the Korea Defense Industry Promotion Association, received the French Legion of Honor Commander.

▲ 2005 = Received Mongolia’s Polar Star Order.

▲ 2006 = Established the 10-10-10 strategy (increase revenue by 10%, reduce costs by 10%, improve productivity by 10%).

▲ 2008 = Founded Jin Air, Korean Air’s annual revenue exceeded 10 trillion won for the first time.

▲ 2009 = Chairman of the Pyeongchang Winter Olympics Bid Committee for 2018.

▲ 2012 = Received the Mugunghwa Medal of the Order of Civil Merit.

▲ 2013 = Established Hanjin KAL and transitioned to a holding company system.

▲ 2014 = Korean chairman of the organizing committee for the “2015-2016 Korea-France Mutual Exchange Year,” appointed as a member of the IATA Strategy and Policy Committee (SPC) (2014-2018).

▲ April 8, 2019 = Passed away at the age of 87.