Shin Dong-joo, the eldest son of Lotte Group founder Shin Kyuk-ho, has been ousted from his position as vice chairman at Lotte Holdings, after disobeying his father and increasing his stakes in a subsidiary of the Korean conglomerate.
According to a company statement, the decision was made during a shareholders’ meeting last Thursday and puts Shin Dong-bin, the younger son of the group’s founder, in line to succeed control of the conglomerate.
