Lotte to hold shareholders meeting, seek approval to reappoint CEO

Lotte Corp., the holding company for the nation’s fifth-largest conglomerate, will hold a shareholders meeting March 27 and seek approval to reappoint current Chairman Shin Dong-bin as executive director, the company said Friday. 

The executive director normally serves two years, according to the group.
Shin currently serves as executive director for Lotte Corp. and other affiliates including Lotte Confectionery, Lotte Chemical, Lotte Chilsung, Canon Korea and FRL Korea. 

Shin recently stepped down as executive director of Hotel Lotte and Lotte Construction and Engineering.

Market insiders believe Shin’s reappointment will be approved swiftly, since and his close aides own a combined 61.88 percent stake in Lotte Corp. 

Lotte Corp. said the reappointment of current Vice Chairman Hwang Gak-kyu and Vice Chairman Song Yong-deok will also be put to a vote.

By Kim Da-sol (ddd@heraldcorp.com)