Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
New T’way CEO faces call to restore safety, regain customer trust
A passenger jet from T'way Air is ready to take off at Gimpo International Airport in Seoul, June 25. Yonhap
By Lee Min-hyung
Carrier requires balanced growth between earnings, safety
T’way Air CEO Lee Sang-yoon / Courtesy of T'way Air
T’way Air’s newly appointed CEO, Lee Sang-yoon, faces the critical task of restoring the airline’s tainted reputation as a low-cost carrier plagued by safety concerns and frequent flight delays.
Under the leadership of former CEO Jeong Hong-gun, T’way achieved robust earnings growth in recent years, driven by his exceptional sales acumen. Jeong, considered one of the nation’s most experienced aviation sales experts, built his sales career at Korean Air and Jin Air before joining T’way.
The sales-focused strategy was successful, with the airline reporting outstanding sales growth over the past two years. In 2022, the carrier posted 525.8 billion won ($387.8 million) in sales in 2022, but the figure surged to more than 1.5 trillion won as of last year.
However, the airline has faced criticism that its earnings growth came at the cost of proper safety management. In May, the Ministry of Land, Infrastructure and Transport imposed a fine of 2.6 billion won on T’way Air for failing to comply with aviation regulations related to engine maintenance.
According to ministry data, T’way Air was the nation’s most frequently delayed airline in 2023, when it reported a total of 2,402 flight delays of more than an hour.
Officials from the industry argued the new T’way leader should place his management priority on driving balanced growth between its earnings and safety-driven operations.
“The former leader focused mostly on driving its external growth, but now is time for the new T’way chief to focus more on regaining trust from customers,” an official from the industry said.
Lee also has a broad range of expertise in the aviation industry. He started his career at Korean Air in 2003 and took on key posts at the flag carrier’s major divisions handling maintenance, repair and operations business, policy-setting and workforce management.
Before taking office as the head for T’way Air, he served as head of Sono International’s aviation business taskforce.
The latest leadership reshuffle came shortly after Daemyung Sono Group completed the acquisition of T’way Air. Daemyung Sono Group is best known as a leading hotel and resort chains operator here, and Sono International is the holding firm of the group.
Lee pledged his commitment to ensuring aviation safety and achieving sustainable growth.
“Our top management priority will be aviation safety,” he said Friday after the airline’s board meeting. “On top of that, we will also differentiate ourselves with others by generating synergies between the aviation and leisure industry for sustainable growth despite the rapidly changing market circumstance.”