Shin Dong-bin Appointed Chairman of Japan Lotte Holdings... "Accelerating Hotel Lotte's IPO"

Strengthening the Korea-Japan Integrated Management System
Official Inauguration as Chairman on the 1st of Next Month
"Confirmed Trust in Japanese Lotte Management"
'Brotherly Conflict' Effectively Ended

Shin Dong-bin, Chairman of Lotte Group

[Asia Economy Reporter Minyoung Cha] Shin Dong-bin, Chairman of Lotte Group, has solidified the Korea-Japan integrated management system by assuming the position of Chairman of Lotte Holdings Japan. Accordingly, it is expected that the timeline for the listing of Hotel Lotte, a key task in improving the group's governance structure, will accelerate.

Lotte Group announced on the 19th that Shin Dong-bin was appointed chairman at the board meeting of Lotte Holdings Japan on the afternoon of the 18th and will officially take office on the 1st of next month.

A Lotte Group official said, "Chairman Shin Dong-bin returned as CEO of Lotte Holdings last February," adding, "With this appointment as chairman, he is expected to become the official owner of the Chiba Lotte Marines, moving from acting owner."

He continued, "This confirms once again the strong trust of the Japanese Lotte management in Shin Dong-bin and solidifies his position as the leader responsible for managing Lotte in both Korea and Japan."

The chairman position at Lotte Holdings had been vacant since the passing of Shin Kyuk-ho, the founder and honorary chairman of Lotte Group, in January. Initially, Shin Dong-bin served as vice chairman leading Lotte Holdings.

Lotte Group expects that with Shin Dong-bin assuming the CEO and chairman position at Lotte Holdings, efforts toward the listing of Hotel Lotte will gain momentum. The listing of Hotel Lotte is a core and urgent task in improving Lotte Group's governance structure. Going forward, Lotte Group plans to strengthen exchanges and cooperation between Korean and Japanese Lotte and pursue global strategies to enhance synergy.

The so-called "brothers' feud" over the succession of Lotte Group's management rights is also considered to have ended. Since around 2014, Chairman Shin Dong-bin has been engaged in a public management dispute with his older brother Shin Dong-joo, Chairman of SDJ Corporation (former vice chairman of Lotte Holdings Japan).

Meanwhile, this news was first reported through foreign media. The Nihon Keizai Shimbun reported on the same day (Korean time), "Chairman Shin will assume the chairmanship of Lotte Holdings while maintaining his current representative authority," adding, "He will have complete control over the management of the Korea-Japan Lotte Group."

This content was produced with the assistance of AI translation services.