Shin Dong-bin resigns as co-CEO post of Lotte Holdings, but maintains vice chairman position
- 6 years ago
Lotte Group Chairman Shin Dong-bin has relinquished his representative rights, leaving his co-CEO post of Japan's Lotte Holdings.
Shin's resignation is expected to weaken ties between Lotte's businesses in South Korea and in Japan.
The move came after Shin was sentenced to two years and a half in prison last week over his role in an influence-peddling scandal involving former president Park Geun-hye.
Shin will, however, retain his title of vice chairman and position on the board of Japan's Lotte Holdings, with his Japanese co-CEO Takayuki Tsukuda to head the holding company.
Lotte Holdings is a top shareholder of Lotte Hotel, which controls Lotte Group's various South Korean businesses.
Shin's resignation is expected to weaken ties between Lotte's businesses in South Korea and in Japan.
The move came after Shin was sentenced to two years and a half in prison last week over his role in an influence-peddling scandal involving former president Park Geun-hye.
Shin will, however, retain his title of vice chairman and position on the board of Japan's Lotte Holdings, with his Japanese co-CEO Takayuki Tsukuda to head the holding company.
Lotte Holdings is a top shareholder of Lotte Hotel, which controls Lotte Group's various South Korean businesses.