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Lotte founder likely to be ousted from board of key affiliate

PUBLISHED : June 15, 2017 - 16:47

UPDATED : June 15, 2017 - 16:47

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[THE INVESTOR] The founder retail giant Lotte Group is expected to lose his seat in the boardroom of a crucial affiliate, media reports said on June 15.

The board of directors of Tokyo-based Lotte Holdings is known to have decided not to propose the extension of Shin Kyuk-ho’s tenure as a board member.

The company is at the top of Lotte’s Japanese affiliates via a cobweb-like ownership structure and holds 19 percent stake in Hotel Lotte, a de facto holding firm of the group’s Korean units.

If the board decides not to extend Shin’s term, the 94-year-old will likely be removed from his post following the shareholders meeting slated for later this month.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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