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Korean Air is seeking to be a top ten global carrier and its chairman and chief executive officer, Walter Cho, said this year will be “crucial” to make that happen.
Cho made the announcement in his New Year's address where he also conveyed his appreciation to the entire Korean Air team for their efforts during the Covid-19 crisis.
The Korean Air executive said that 2022 will be a crucial year as the airline both prepares for the post-pandemic era and completes its acquisition of Asiana Airlines.
“It was during this most difficult time that we have achieved so much. These remarkable achievements would not have been possible without you. You are the backbone of Korean Air’s past and future successes,” Cho said.
Regarding preparation for post-COVID operation, Cho motioned that although the disruption has “created a paradigm shift,” the airline will succeed in the challenges ahead with the efforts shown by the of the Korean Air team as he emphasized that despite new variants continuing to affect the industry, “traveler confidence will come back, revitalizing travel demand that has been dormant for too long.”
Korean Air-Asiana merger
Cho also highlighted the principles and the significance of the ongoing Korean-Asiana merger in his speech for the new year.
“Upon completion of the acquisition, Korean Air will emerge as a top-10 global airline of which you, our customers and our country can be proud. This merger and acquisition is not simply the combination of two airlines; it’s a combination of two cultures that will be stronger together. It will reform the Korean aviation industry, and allow us to write a new history,” he said.
“I’m confident our new company will be the global leader we seek to become,” Cho added.
In November, Korean Air announced that it secured the approval from Vietnam for its business combination with Asiana after earlier already receiving clearances from competition authorities of Turkey, Taiwan, Vietnam, Malaysia and the Philippines.
That time, South Korea's flag carrier said it is currently awaiting business combination approvals from the remaining regulatory bodies such as the competition commissions of Korea, the United States, the European Union, China and Japan.
The acquisition was announced in November 2020 where Korean Air said it will acquire Asiana Airlines for 1.8 trillion won (US$1.6 billion) creating the world's 10th largest airline.
