Korean Air Chairman Cho Yang-ho was ousted from the company's board. 

In a shareholder meeting on Wednesday, 64-point-one percent approved of a motion to extend his term, while 35-point-nine percent opposed. Korean Air regulations state that a board member needs at least two thirds of shareholder approval to be elected. 

The National Pension Service, the second-largest shareholder in the company, said on Tuesday that it would vote against the motion to extend Cho's term.