'Lotte Holdings in Japan discharges founder'
Shin Kyuk-ho
Lotte Holdings of Japan, the de facto holding company of Lotte Group, held an emergency shareholder meeting on Tuesday, voting to remove General Chairman Shin Kyuk-ho from his post, Japanese media reported.
Shin, 93, founded the retail-focused conglomerate in 1948.
The move follows major power shifts at the group. In a shareholder meeting held on July 16, Shin Dong-bin, the founder's younger son, was appointed as the head of Lotte Holdings. (Yonhap)