Tags: APFN | AS | SKorea | Lotte

Asian Retailer Lotte Accepts Resignation from Jailed Co-CEO

Wednesday, 21 February 2018 04:38 AM

SEOUL, South Korea (AP) — Lotte says its holding company's board has accepted the resignation of its co-CEO, who has been convicted of bribery and embezzlement.

The Asian retail and chewing gum giant said Wednesday that Shin Dong-bin has left his CEO post at Lotte Holdings but will remain on its board as vice chairman. Shin, a son of Lotte's founder, was convicted and imprisoned earlier this month in a wide-ranging corruption scandal that brought down South Korea's president.

Co-CEO Takayuki Tsukuda will head the holding company at the heart of Lotte's complicated ownership structure.

Shin sought to improve transparency and reform South Korea's fifth-largest conglomerate before he was convicted and jailed earlier this month.

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Lotte says its holding company's board has accepted the resignation of its co-CEO, who has been convicted of bribery and embezzlement.The Asian retail and chewing gum giant said Wednesday that Shin Dong-bin has left his CEO post at Lotte Holdings but will remain on its...
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2018-38-21
Wednesday, 21 February 2018 04:38 AM
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