Asian retailer Lotte accepts resignation from jailed co-CEO
SEOUL, Korea, Republic Of — Asian retail and chewing gum giant Lotte has accepted the resignation of its co-CEO after he was convicted of bribery and embezzlement in a wide-ranging corruption scandal that brought down South Korea’s president.
The company 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
His Japanese co-CEO, Takayuki Tsukuda, will head the holding company at the heart of Lotte’s complicated ownership structure, Lotte Holdings said in an emailed statement.
Japan typically adopts a tough stance toward convicted executives, who are usually sacked from chief executive positions when indicted by authorities.