DAEMYUNG SONOSEASON Group, which is pursuing the acquisition of management rights for T'way Air, plans to present a proposal for the appointment of nine director candidates at the upcoming regular shareholder meeting in March (☞[Exclusive] DAEMYUNG SONO includes Chairman Seo Jun-hyuk among nine director candidates for T'way Air). Chairman Seo Jun-hyuk, along with representatives from Sono International and DAEMYUNG SONOSEASON, have been named as candidates for non-executive directors.
According to the details of the lawsuit notice filed by T'way Air on the 5th (management rights dispute lawsuit), the holding company of DAEMYUNG SONO Group, Sono International, filed for a preliminary injunction to submit the agenda for the shareholders' meeting to the Daegu District Court on the 31st of last month. They requested to present the proposal for the appointment of director candidates from DAEMYUNG SONO at the regular shareholders' meeting in March. After delivering a shareholder proposal with this content to T'way Air last month but receiving no response, it is interpreted that they decided to seek the court's judgment.
Chairman Seo was the first among four candidates for non-executive directors. Lee Kwang-soo, Lee Byeong-cheon from Sono International, and Kwon Kwang-soo, the representative of DAEMYUNG SONOSEASON, were also recommended as candidates for non-executive directors.
However, they are reported not to be challenging for the CEO position of T'way Air. Three experts in the aviation field (Lee Sang-yoon, Ahn Woo-jin, Seo Dong-bin) have been listed as candidates for internal directors, and it is reported that DAEMYUNG SONO plans to elevate one of them to the position of CEO.
Candidates for outside directors include Kim Jong-deuk, former representative of Woori Financial Group, and Yeom Yong-pyo, managing partner lawyer at Yulchon. Both candidates have also been nominated as candidates for the audit committee.
The articles of incorporation of T'way Air stipulate that the board of directors should consist of 3 to 12 members, but currently, there are only 7 directors. Although 12 is the upper limit, there are already 5 vacant seats. Among the 7 current directors, 4 will have their terms expire in March. The directors whose terms are expiring include CEO Jung Hong-geun, management headquarters head Kim Hyeong-i, and two outside directors, lawyer Kim Seong-hoon and The Snowball representative Choi Seong-yong. The term of the largest shareholder, YeaRimDang's Vice Chairman Na Seong-hoon, is not expiring.