How to be a successful heir in a family business

The economist John Kenneth Galbraith wrote of the heirs of Cornelius Vanderbilt that they "dispensed their wealth for frequent and unparalleled self-gratification and very often did it with downright stupidity". That stupidity seems to have been inherited by the daughters of Korean Air chairman Cho Yang Ho.

"I feel crushed by the immature behaviour of my daughters," Mr Cho said on Sunday as he removed them from senior roles at the company. Ms Heather Cho is notorious for having humiliated a Korean Air crew member over how her in-flight nuts were served in 2014, while her sister, Ms Cho Hyun Min, allegedly threw water at an advertising agency executive during a recent dispute.

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A version of this article appeared in the print edition of The Straits Times on April 26, 2018, with the headline 'How to be a successful heir in a family business'. Print Edition | Subscribe