Jeju Air co-CEO plans to depart
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Jeju Air said on Wednesday that co-CEO Ahn Yong-chan has expressed his intent to step down from his post, leaving the company to operate under the sole leadership of current co-CEO Lee Seok-ju. Ahn leaves Jeju Air after working under the company’s parent Aekyung Group since 1987.
The co-CEO served in numerous positions at Jeju Air’s group affiliates such as in Aekyung Petrochemical and Aekyung Industry.
The company said that Ahn served as CEO at the group’s affiliate companies for 23 years, and that he felt it was right to leave the company at a time when it is performing well, along with his original plan to retire at 61-years-old.
Jeju Air has become a sizeable contender in the low-cost carrier industry in Korea. It reported 349.5 billion won ($311.6 million) in revenue in the third quarter this year, a 31 percent increase from the previous year.
Ahn is the son-in-law of Aekyung Group’s Chairwoman, Chang Young-shin.
Questions & Answers
Q.Why is Ahn Yong-chan stepping down from his role as co-CEO of Jeju Air?
Why is Ahn Yong-chan stepping down from his role as co-CEO of Jeju Air?
Ahn Yong-chan stated he felt it was the right time to leave the company as it is performing well. His departure also aligns with his original plan to retire at 61 years old.
Q.How long has Ahn Yong-chan been associated with Jeju Air's parent company, Aekyung Group?
How long has Ahn Yong-chan been associated with Jeju Air's parent company, Aekyung Group?
Ahn Yong-chan has been working under the Aekyung Group since 1987. He also served as CEO at the group's affiliate companies for 23 years during this time.
Q.What will be the leadership structure at Jeju Air after Ahn Yong-chan's departure?
What will be the leadership structure at Jeju Air after Ahn Yong-chan's departure?
Following Ahn Yong-chan's departure, Jeju Air will operate under the sole leadership of its current co-CEO, Lee Seok-ju. The company will transition from a co-CEO model.
Q.How did Jeju Air perform financially in the third quarter of this year?
How did Jeju Air perform financially in the third quarter of this year?
Jeju Air reported revenue of 349.5 billion won ($311.6 million) in the third quarter this year. This represents a 31 percent increase compared to the previous year.
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