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Lotte chairman resigns as CEO of hotel affiliate

All News 21:57 February 19, 2020

SEOUL, Feb. 19 (Yonhap) -- Lotte Group Chairman Shin Dong-bin resigned as chief executive officer of Hotel Lotte at the end of last year, the company said Wednesday, in an apparent move to pave the way for its long-delayed stock listing.

Shin, who became the major hotel chain's CEO in 2015, stepped down from the post as of Dec. 31, according to a regulatory filing. He retains his position as an unregistered director.

His resignation is part of efforts to "reinforce responsible management," the nation's fifth-largest group said.

The move has fanned speculation that the retail-to-chemicals conglomerate is moving in earnest to publicly list Hotel Lotte.

Shin sought a public offering of the company on the Korea Exchange in 2016. But the plan was delayed as the group was mired in a bribery and power abuse scandal involving then-President Park Geun-hye.

The tycoon was indicted for giving billions of won in bribes to Park's close friend to win government support for the group's duty-free business.

He was freed from jail in October 2018 after an appeals court suspended his prison sentence. The top court upheld the ruling in October 2019.

Pundits say Shin's resignation may be part of Lotte's plan to stave off risk involving company leadership during a review for the stock sale.

Shin also resigned from the top post at Lotte Engineering & Construction Co. last month and now holds top posts at Lotte Corp., Lotte Confectionery Co. and Lotte Chemical Corp.


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