Lotte Group chairman elected to head Lotte Japan

Lotte Group chairman Shin Dong-bin was named as the CEO of Japan-based Lotte Holdings at a regular board meeting Wednesday, the group announced Thursday.

Shin was elected by the board as the new CEO of Lotte Holdings by a unanimous vote, according to group officials. The decision effectively positions the group chairman as the heir to Lotte Group founder and general chairman Shin Kyuk-ho.

Since Lotte Holdings is the de facto holding company of Lotte Japan, Shin’s new position effectively grants him decision-making powers over both Lotte Korea and Lotte Japan.

“I take in the board’s decision with humility and solemnity,” Shin said at a CEO meeting of affiliates in Seoul on Thursday. 

“In line with the will of general chairman Shin Kyuk-ho, I will give my best to responsibly manage all of Lotte’s businesses in Korea and Japan, and duly fulfill my duties as a leader,” he said.

By Sohn Ji-young (jys@heraldcorp.com)