Family feud: Lotte founder leaves board ‘against his will’ as eldest son’s bid to return rejected

PUBLISHED : Saturday, 24 June, 2017, 4:16pm
UPDATED : Saturday, 24 June, 2017, 4:20pm

The founder of Lotte Holdings, embroiled in a family feud over its management, has left the board after around 70 years, following a board proposal approved by shareholders Saturday.

The reason for the resignation of South Korean-born founder Takeo Shigemitsu, 94, was old age, according to the unlisted holding company based in Tokyo.

The founder’s eldest son Hiroyuki, 63, who was dismissed as a company executive in 2015, told reporters after the meeting that he had proposed as a shareholder that he and his father be included on the board but the proposal was voted down, adding the founder was removed from the management “against his will”.

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The conglomerate is led by younger brother Akio Shigemitsu, 62. The elder brother’s bid to oust the management has been repeatedly rejected since the power struggle erupted in 2015.

The group makes confectionery and operates hotels, golf courses and professional baseball teams in Japan and South Korea.

The founder retained his title of honorary chairman. The details of the holding company’s shareholders are not disclosed.