Lotte chairman’s Japanese son under limelight

Several media outlets suggested Monday that Lotte Group chairman Shin Dong-bin’s son had emerged as the retail giant’s heir apparent.

Lotte Group branded the reports as groundless but industry insiders say it is only a matter of time before 30-year-old Satoshi Shigemitsu takes the helm of the $8 billion business empire that spans from Korea and Japan to Southeast Asia, China and the U.S.

“Satoshi Shigemitsu is already a fixture in the Japanese business circuit, when his wedding ceremony on Nov. 28 in Tokyo was attended by business, political and social leaders from Japan and Korea. We can consider the ceremony as his debut,” a Chosun Biz article suggested on the day. 


Columbia MBA, Nomura Securities


Many people say that Shigemitsu has followed his father’s path.

Shin Dong-bin, also known as Akio Shigemitsu, born to a Japanese mother, was brought up in Japan, worked for Nomura Securities and received an MBA from Columbia University.

Shin’s work experience at Nomura reportedly helped him widen his macroeconomic knowledge. He is also known to be fond of his Columbia alumni. Whenever alumni visit Lotte sites, he personally gives them a tour.

And Satoshi, who is born from Shin and his Japanese wife Manami Shigemitsu, was also brought up in Japan. He went to Keio University and started his career at Nomura, too. Shin said in his interview with a Russian media outlet that his son is “taking an MBA course supported by his company.”

Working for companies other than Lotte is a family tradition. Lotte founder and Shin Dong-bin’s father Shin Kyuk-ho once said in an interview that “working for other people gives a clearer perspective about making money and being responsible.” This also reportedly helps them nurture courtesy and politeness, and the ability to harmonize with other workers, observers said.

Like his father, Shigemitsu is also known to be more comfortable in Japanese language. He was engaged to a woman named Aya in 2013, and married her in a civil ceremony in Hawaii in March 2015. Not much is known about the bride except for the fact that they met at school.

The couple made a brief return to Japan for their local wedding ceromony, which was attended by Japanese Prime Minister Shinzo Abe, Samsung Electronics Vice Chairman Lee Jae-yong and many other bigwigs. 


Not yet a manager


But some suggest that it will take a while for Shigemitsu to take a managerial role in Lotte. It took seven years for his father to nestle in Lotte after starting his career. So the son needs an equal amount of time, people say.

Shin Dong-bin also said at the National Assembly’s public hearing in September last year that there were no plans for a succession.

The fact that Shigemitsu has retained his Japanese nationality could be a hurdle ― it is reported that he once became a naturalized Korean, but then chose to be a Japanese citizen. In Korea, where having a Japanese manager could be an extremely sensitive issue, his nationality could be a powder keg for further dispute, insiders say.

“But Shin Dong-bin took the helm of both Lotte Korea and Japan last year, at the cost of losing his father and older brother’s approval, support and trust. He may want some support from his own son in the future management of the company,” News 1 quoted business insiders as saying.
By Bae Ji-sook (baejisook@heraldcorp.com)