"The Successor is Shin Dong-bin"…Handwritten Will of Founder Shin Kyuk-ho from 20 Years Ago Revealed

[Asia Economy Reporter Seungjin Lee] A will of the late founder Shin Kyuk-ho has emerged, stating that Shin Dong-bin, Chairman of Lotte Group, is to be the successor.

Lotte Group announced on the 24th that they discovered a handwritten will by the late founder Shin Kyuk-ho, who passed away on January 19, stating that the successor of Lotte Group (Korea, Japan, and other regions) after his death would be Chairman Shin Dong-bin.

The will reportedly contained the founder’s wish that "from now on, do your best for the development of Lotte Group and strive for the happiness of all employees," according to Lotte Group.

The will was handwritten and signed by founder Shin Kyuk-ho in March 2000 and kept in a safe at the Tokyo office in Japan. It was found during the office and personal belongings organization, which had been delayed due to the COVID-19 pandemic after his passing.

The will was opened this month at a Japanese court with all heirs’ representatives present, confirming that Shin Dong-bin is the successor of Lotte Group and requesting cooperation for the group’s development.

Meanwhile, at the regular shareholders’ meeting of Japan Lotte Holdings held in Tokyo on the same day, the proposals submitted by Shin Dong-joo to dismiss Shin Dong-bin as director of Japan Lotte Holdings and to amend the articles of incorporation were all rejected.

Accordingly, Lotte Holdings appointed Shin Dong-bin as President and CEO of Lotte Holdings effective July 1. President Tsukuda Takayuki stepped down from the representative position but retained his director position.

Thus, Shin Dong-bin became the sole representative director leading Lotte Holdings, the holding company of Japan Lotte, and the chairman of Japan Lotte Group, effectively succeeding the role of founder Shin Kyuk-ho.

Regarding this personnel change, Chairman Shin Dong-bin stated, "Given the difficult domestic and international economic situation, inheriting the achievements and spirit of the late chairman is more necessary than ever," adding, "I will lead Lotte Group with the determination to start anew."

Furthermore, Shin Dong-bin conveyed this fact to Lotte Group executives in both Korea and Japan and expressed his commitment to strive for the group’s development and the future of all Lotte Group employees in accordance with founder Shin Kyuk-ho’s wishes, Lotte Group said.

Earlier in April, Shin Dong-joo, Chairman of SDJ Corporation and elder brother of Shin Dong-bin, who submitted shareholder proposals including the dismissal of Shin Dong-bin as director of Japan Lotte Holdings and amendments to the articles of incorporation, stated, "With the rejection of the proposals, we are considering litigation under Article 854 of the Japanese Companies Act regarding these matters and will continue multifaceted efforts to stabilize Lotte Group’s management in the future."

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