 |
(Photo=Lotte) |
[Alpha Biz= Reporter Kim Jisun] Shin Yoo-yeol, the eldest son of Lotte Chairman Shin Dong-bin and Senior Executive Vice President of Lotte Future Growth Division, has been nominated as a candidate for the internal director of Japan's Lotte Holdings.
According to the distribution industry on the 24th, Japan's Lotte Holdings will hold its annual general meeting in Tokyo on the 26th to address issues such as the appointment of directors. This is the first time that Executive Vice President Shin, who joined Lotte Holdings in 2020 as a manager, has been nominated as an internal director candidate. Lotte Holdings serves as the holding company for Lotte's Japanese operations.
Recently, Executive Vice President Shin has been expanding his presence through global field management. On the 20th (local time), he visited the battery industry exhibition "InterBattery Europe 2024" in Munich, Germany, where he toured booths of battery-related domestic and international companies, including Lotte Energy Materials. On the 13th, he attended the opening event of "L7 Chicago by Lotte" in Chicago, USA. L7 Chicago is Lotte Hotels & Resorts' fourth U.S. chain and the first L7 hotel in North America.
Lotte has been accelerating Executive Vice President Shin's succession process since last year. In 2022, he was appointed co-CEO of Japan's Lotte Strategic Investment (LSI), and last year he became the CEO of Lotte Financial in Japan.
He has also started acquiring the necessary shares for succession. On the 5th of this month, he purchased 7,541 common shares of Lotte Corporation, securing a 0.01% stake. This was his first purchase of shares in a Lotte affiliate.
Meanwhile, Shin Dong-joo, chairman of SDJ Corporation and the older brother of Lotte Chairman Shin Dong-bin, announced through a press release that he would exercise his voting rights against the appointment of Executive Vice President Shin as a director. Chairman Shin Dong-joo holds a 1.77% personal stake in Lotte Holdings and a 28.14% stake in Kojunsha, where he serves as a representative. Since 2016, Chairman Shin Dong-joo has attempted nine times to remove Chairman Shin Dong-bin from his director position and to reinstate himself as a director at Lotte Holdings' general meetings, but all attempts have been unsuccessful.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
