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Kim Jae-cheul offered to resign as the president and chief executive of South Korea's second largest television network MBC on Wednesday, one day after the board of the company's largest shareholder decided to sack him for abusing his power.
The board of the Foundation of Broadcast Culture (FBC) passed a plan for the dismissal of the MBC president with majority support during an extraordinary session in Seoul on Thursday.
The dismissal plan was awaiting final approval from the shareholders' meeting.
Kim sparked strong backlash from FBC board members when he nominated executives of an MBC subsidiary company on Friday without prior consultation with the board, infringing upon the foundation's rights to appoint executives of MBC and its affiliate firms.
The foundation was established in 1988 to oversee MBC after taking over government shares in the broadcaster. Its members are currently appointed by the Korea Communications Commission, the country's broadcast watchdog. Kim's official term was to end in February 2014. (Yonhap News)
The board of the Foundation of Broadcast Culture (FBC) passed a plan for the dismissal of the MBC president with majority support during an extraordinary session in Seoul on Thursday.
The dismissal plan was awaiting final approval from the shareholders' meeting.
Kim sparked strong backlash from FBC board members when he nominated executives of an MBC subsidiary company on Friday without prior consultation with the board, infringing upon the foundation's rights to appoint executives of MBC and its affiliate firms.
The foundation was established in 1988 to oversee MBC after taking over government shares in the broadcaster. Its members are currently appointed by the Korea Communications Commission, the country's broadcast watchdog. Kim's official term was to end in February 2014. (Yonhap News)
