Jin Air CEO steps down 4 months before merger with Air Busan, Air Seoul

Jin Air CEO Park Byung-ryul has abruptly stepped down, roughly four months before the low-cost carrier is set to merge with Air Busan and Air Seoul.

Jin Air disclosed Tuesday that Park stepped down for personal reasons. The company did not reveal the specific circumstances behind the departure, and no successor has been named. Jin Air said it will operate under an acting leadership structure until a new CEO is appointed.

Park, born in 1964, graduated from Seoul National University with a degree in German language and literature and joined Korean Air in 1988. He built his career as an aviation specialist, serving as head of the Los Angeles passenger branch, regional director for Europe, and head of pricing and revenue management for the passenger business division. He took the helm at Jin Air in March 2022, was reappointed in March last year and was promoted to executive vice president in December of the same year.

During Park's tenure, Jin Air rode a post-COVID-19 rebound in passenger demand to post a record operating profit of 182.2 billion won ($136 million) in 2023. The airline followed that with sales of 1.46 trillion won and an operating profit of 163.1 billion won in 2024. However, the carrier swung to an operating loss of 19.2 billion won last year and posted a further operating loss of 15.5 billion won in the first half of this year.

Jin Air is scheduled to absorb Air Busan and Air Seoul on March 17 next year, launching as the largest low-cost carrier in South Korea. Since signing a three-way merger agreement in August, the company has been working to integrate flight and maintenance operations and secure the necessary regulatory approvals.