The only son of Lotte Group Chairman Shin Dong-bin was nominated to join a board of directors at Lotte Holdings in Japan, an industry source said Monday.
Lotte Holdings in Japan is scheduled to hold a meeting of shareholders on Wednesday and vote on the nomination of the son, Shin Yoo-yeol, to the board, according to the source.
Yoo-yeol, 38, began his career at Lotte Group in 2020 when he took a job at the sales division in Lotte Holdings. He currently serves as an executive director of the group’s Future Growth Office.
In a statement, the chairman’s elder brother, Dong-joo, said he will oppose the nomination of Yoo-yeol to the board at the planned shareholders’ meeting.
Dong-joo is the head of Kojunsha, which owns a 28.1 percent stake in Lotte Holdings. He owns a 1.77 percent stake in the holding company.
From 2016 to 2023, he made nine failed attempts to return to the holding firm’s board as director and oust Dong-bin from the board. He is making his 10th attempt for the same purposes.
The Lotte cha
irman and his brother were at the center of a high-profile family feud over succession at Lotte Group until their father and the group founder Shin Kyuk-ho’s death in January 2020 as the two control the company’s operations in Japan and South Korea, respectively.
Dong-bin officially became the successor to his father in 2015.
Source: Yonhap News Agency