Shin Dong-bin to lead Japanese Lotte Holding
By Kim Jae-heun
Lotte Group Chairman Shin Dong-bin
By Kim Jae-heun
Lotte Group said Thursday its chairman Shin Dong-bin has been appointed to lead its Japanese holdings firm. Shin's term will commence on April 1. Japan's Lotte Holdings was previously led by founder Shin Kyuk-ho, who died in January. The founder became honorary chairman in 2017 and the chairman position has been empty since his departure. Shin Dong-bin was serving as a CEO of Japan's Lotte Holdings until he was jailed in Korea for bribery in February 2018. He resigned from the CEO position but returned to his role in February last year.
Lotte Group said Shin had Japanese executives' robust trust in him and that he has positioned himself as a dual chairman responsible for both the Korean and Japanese Lotte firms.
This is also likely to boost Shin's plan for the listing of Hotel Lotte, which he has continuously been attempting to do to improve the group's governance system.
“The firm will actively seek to create synergy between the two firms by strengthening collaboration and cooperation while pushing a global strategy together,” a Lotte Group official said. “In addition, Korean and Japanese Lotte firms will reinforce the practice of transparent management while striving to elevate their corporate value.”
As Shin Dong-bin has now risen to the chairman position, this will also end his corporate management dispute with his elder brother Shin Dong-joo.
Japan's economic daily Nikkei said Chairman Shin has completely taken over the management of both firms and is looking to expand his hotel business in Japan as well as make Japanese Lotte Holdings go public in Tokyo by March 2020.