Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = Lotte Holdings announced on the 26th that Shin Yu-yeol, executive director of Lotte Holdings, was appointed as an inside director at the regular shareholders’ meeting of Lotte Holdings Japan.

With this appointment, Executive Director Shin will assume executive positions in both the Korean and Japanese holding companies.

A Lotte Holdings official explained the background to the appointment of Director Shin Yoo-yeol, saying, “Director Shin Yoo-yeol gained experience at Nomura Securities and earned an MBA from Columbia University while working there before joining Lotte.” He continued, “As the CEO of Lotte Financial, Director Shin has deep knowledge of the financial market and has abundant knowledge and experience in overall company management, having been in charge of Lotte Holdings’ management strategy office.”

He added, “He was recommended as a candidate for a director based on his capabilities while serving as the head of the Future Growth Office at Lotte Holdings Korea and the head of the Global Strategy Office at Lotte Biologics, and was elected as a director at this shareholders’ meeting.”

On this day, at the Lotte Holdings general shareholders meeting, three of the company’s agenda items were approved. On the other hand, the agenda items proposed by former Vice Chairman Shin Dong-joo, including his appointment as a director and amendment of the articles of incorporation, were all rejected.

As a result, all of the agenda items proposed by former Vice Chairman Shin at a total of 10 general shareholders’ meetings since 2016 have been rejected. This puts the brakes on former Vice Chairman Shin’s plan to return to management by using his position as the largest shareholder of Kwangyoon Company(owning 28.1% of Lotte Holdings).

“It’s time to stop this stifling behavior, which does nothing to help businesses in a tougher economic climate than ever before,” said one business executive.

Former Vice Chairman Shin was successively removed from his positions as a board member of Lotte in Japan from December 2014 to January of the following year, and in a damages lawsuit he filed against each company, a Japanese court ruled that his removal was justified.

At the time, the court stated that former Vice Chairman Shin was unfit to be a manager and lacked legal awareness. According to the contents disclosed during the trial, former Vice Chairman Shin pushed ahead with the Pullica business based on illegally collected video footage despite the board of directors’ opposition. He also obtained employee email information through illegal means.

By Soon-ki Lee(s8789@nspna.com) and Jeonghwa Choi(choijh@nspna.com)

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