Korean Air has finalised a post-merger integration plan with Asiana Airlines after receiving confirmation from the Korea Development Bank. A deal to combine the two carriers was signed last year.
As part of the transaction, Korean Air will acquire low-cost regional carrier Air Busan, largely owned by Asiana Airlines, and fully-owned low-cost Air Seoul.
All Korean Air executives will forgo part of their salaries in response to the worsening business environment due to the Covid-19 virus outbreak. The carrier has also outlined other self-rescue measures designed to improve its financial structure.
Korean Air has announced its plans to adjust the frequency of some routes to Japan as tensions between the two countries rise. At the same time, the airline will increase the frequency of routes in the south-east Asia, Oceania, and Chinese markets.
Korean Air has opened its cloud command centre to ensure the safe, stable transition of applications and data into the cloud. The carrier is migrating its entire IT system to the cloud, making it the first major Korean enterprise and global full-service airline carrier to overhaul its infrastructure.
Korean Air will launch four new routes in the remaining part of the year - three to cities in China and one to the Philippines. The airline will also increase the frequency of the Incheon-Delhi and Incheon-Beijing routes to meet demand.
SkyTeam has announced Walter Cho, chairman and chief executive of Korean Air, as the new chairperson of its alliance board. The appointment was endorsed today at a meeting of the SkyTeam Alliance Board, which is composed of the chief executives of the 19 member airlines.