Lotte founder likely to be ousted from board of key affiliate
[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 (firstname.lastname@example.org)