Lotte Holdings and Shopping Executives Voluntarily Return Salaries for COVID-19 Relief
[Asia Economy Reporter Minyoung Cha] Shin Dong-bin, Chairman of Lotte Group, and other executives of Lotte Holdings have decided to voluntarily return a portion of their salaries for three months in response to the COVID-19 pandemic.
According to Lotte Holdings on the 20th, Chairman Shin Dong-bin will return 50% of his salary from this month through June. Twenty-eight executives and five outside directors will also voluntarily return 20% of their salaries during the same period.
A Lotte Holdings official stated, "This decision was made as a way to share the pain since the company is going through a very difficult situation."
Earlier, last month, Lotte Holdings executives purchased company stocks using more than 10% of their salaries.
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Meanwhile, executives of Lotte Shopping have also decided to return 20% of their salaries during the same period. As of the end of December last year, there are 115 registered and unregistered executives at Lotte Shopping.
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