Shin Dong-bin Consolidates Grip on Lotte Empire
23 March, 2020
Lotte Group chairman Shin Dong-bin has been appointed chairman of Lotte Holdings Japan, making him the clear victor in an ugly family feud over control of the business empire.
Shin once was vice chairman of the Japanese area of the sprawling conglomerate, but the death of his estranged father Shin Kyuk-ho in January cleared just how for his ascent.
Lotte said Thursday that Shin was appointed in a board meeting in Japan on Wednesday.
The conglomerate said Shin "consolidated his position as leader of Lotte in Korea and Japan." Industry watchers believe he'll accelerate his moves to list Lotte Hotel on the currency markets.
Lotte Hotel is a significant shareholder in key Korean affiliates, Lotte Holdings, Lotte Shopping and Lotte Property and Development. But the Japanese holding company owns 99 percent of Lotte Hotel.
The hotel group is wanting to go public to reduce the holding company's stake. A Lotte staffer said given that Shin has become chairman of Lotte Holdings, the report on Lotte Hotel "is expected to grab pace."
Source: