'Lotte Holdings in Japan discharges founder'

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)