Lotte Founder Shin Hyuk Ho Loses Board Seat for Lotte Hotels

John Kim, March 29, 2016, 8:12 a.m.


Shin Kyuk-ho, the founder of retail giant Lotte Group, lost his seat in the board room of Hotel Lotte on Tuesday, the latest in a series of events showing his waning grip on the retail and leisure-focused conglomerate following a long, drawn-out family feud. Shareholders of Hotel Lotte agreed not to reappoint him as a board member upon the expiration of his term, unseating the 94-year-old who established the hotel unit 43 years ago.

Last week, Shin lost his board seat at Lotte Confectionery Co., a key food unit under the family-run conglomerate with businesses in South Korea and Japan. His second son and Lotte's incumbent chairman, Dong-bin, is cementing his footing in the sprawling business after receiving backing from Japanese shareholders earlier this month in a power struggle with his elder brother.

Shin Kyuk-ho, the founder of retail giant Lotte Group, lost his seat in the board room of Hotel Lotte on Tuesday, the latest in a series of events showing his waning grip on the retail and leisure-focused conglomerate following a long, drawn-out family feud. Shareholders of Hotel Lotte agreed not to reappoint him as a board member upon the expiration of his term, unseating the 94-year-old who established the hotel unit 43 years ago.

Last week, Shin lost his board seat at Lotte Confectionery Co., a key food unit under the family-run conglomerate with businesses in South Korea and Japan. His second son and Lotte's incumbent chairman, Dong-bin, is cementing his footing in the sprawling business after receiving backing from Japanese shareholders earlier this month in a power struggle with his elder brother.

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