Chairman Shin Dong-bin Resigns as Chairman of Lotte Cultural Foundation After Donating 10 Billion Won of Personal Funds
Resigned at the end of December last year
Successor is former National Assembly Speaker Kim Hyeong-o
[Asia Economy Reporter Cha Min-young] It has been confirmed belatedly that Shin Dong-bin, Chairman of Lotte Group, voluntarily stepped down from his position as chairman of the Lotte Cultural Foundation, which he established by donating 10 billion KRW of his personal funds, at the end of last year.
According to the business community on the 25th, Chairman Shin resigned from the position of chairman (the sole representative director) of the Lotte Cultural Foundation at the end of December last year.
Currently, Kim Hyung-o, the inaugural board member of the foundation and former chairman of the Future United Party’s nomination committee in the April 15 general election, is serving as the new chairman of the Lotte Cultural Foundation.
The Lotte Cultural Foundation is a nonprofit foundation established by Lotte Group in October 2015 for social contribution purposes. It operates the Lotte Concert Hall and Lotte Museum in Jamsil, Songpa-gu, Seoul.
The foundation was established with 10 billion KRW donated by Chairman Shin from his personal funds, where he also served as the representative. Additionally, Lotte Corporation, Lotte Shopping, and Hotel Lotte each contributed 3.3 billion KRW in cash to establish the foundation.
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Meanwhile, Lotte Group’s affiliated public interest corporations include ▲Lotte Scholarship Foundation ▲Lotte Welfare Foundation ▲Lotte Samdong Welfare Foundation ▲Lotte Smile Microfinance Foundation ▲Lotte Cultural Foundation ▲Songpa World Scholarship Foundation, among others. The Shin Kyuk-ho Foundation (tentative name), honoring the late Shin Kyuk-ho, Honorary Chairman of Lotte Group, is also being prepared for establishment. Chairman Shin Dong-bin has conveyed his intention to return to society the assets, including shares worth over 1 trillion KRW in affiliated companies and real estate, inherited from the late Honorary Chairman Shin, instead of dividing them among his siblings.
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