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Daemyung Sono Group finalizes takeover of T'way Air, appoints new board directors

Published: 24 Jun. 2025, 15:10

T'way Air's planes are stationed at Gimpo International Airport. [T'WAY AIR]

Daemyung Sono Group virtually completed its acquisition of T'way Air on Tuesday by holding an extraordinary shareholder meeting and appointing a new board of directors for the low-cost carrier.

T'way Air held the extraordinary shareholder meeting at its aviation training center in Seoul and approved the appointment of nine new board directors, including internal and external members, recommended by Daemyung Sono Group, a leading condominium and resort company in Korea.

The airline's new CEO is expected to be appointed Friday. With current CEO Chung Hong-geun stepping down after a decade at the helm, industry observers expect that the successor will be chosen from among the newly appointed internal directors.

In February, Daemyung Sono acquired management control of T'way Air after purchasing shares from Yearim, the airline's largest shareholder, for 250 billion won ($174.39 million). The deal was approved by the Fair Trade Commission earlier this month.

Yonhap