Lotte chairman’s son nominated for board position at Lotte Holdings in Japan

Shin Yoo-yeol

Shin Yoo-yeol, the eldest son of Lotte Chairman Shin Dong-bin and executive director of Lotte Corporation’s Future Growth Division, has been nominated for an internal director position at Japan’s Lotte Holdings.

According to industry sources on Monday, Lotte Holdings in Japan will hold its annual general meeting of shareholders in Tokyo this Wednesday to address various agenda items, including the appointment of directors. This marks the first time Shin Yoo-yeol has been nominated for an internal director position since joining Lotte Holdings as a manager in 2020. Lotte Holdings serves as the holding company for Lotte Group businesses in Japan.

Shin Yoo-yeol’s nomination as an internal director signals his move towards taking on greater managerial responsibilities within the company. Lotte has been accelerating Shin’s succession in management since last year. In 2022, he was appointed co-CEO of Lotte Strategic Investment (LSI) in Japan, followed by his appointment as CEO of Lotte Financial in Japan last year.

Shin’s involvement in the management of Lotte in Korea has also been increasing. After being promoted to executive vice president at the end of last year, he has taken on roles such as head of Lotte Corporation’s Future Growth Division and head of global strategy at Lotte Biologics. In February, he was appointed as an internal director at Lotte Biologics, making him the first to hold such a position among Lotte affiliates in Korea. Earlier this month, Shin also acquired a 0.01 percent stake, or 7,500 shares, in Lotte Corporation for the first time.

However, Shin Dong-joo, Chairman of SDJ Corporation and elder brother of Shin Dong-bin, has announced his intention to vote against Shin Yoo-yeol’s nomination at the Lotte Holdings shareholders’ meeting. Shin Dong-joo has made nine unsuccessful attempts to remove Shin Dong-bin from his director position and reclaim his own board seat at Lotte Holdings since 2016.