Published : Oct. 21, 2020 - 16:28
Lotte Chairman’s eldest son Shin Yu-yeol (Yonhap)
Shin Yu-yeol, the only son of Lotte Group Chairman Shin Dong-bin, joined Lotte Japan earlier this year, the group confirmed on Wednesday.
His educational and career path resembles his father’s corporate journey.
Shin went to Keio University, got a management degree from Columbia University and previously worked at Nomura Singapore. His father also began his career at Nomura London when he was 25 and moved to Lotte International in Japan when he was 32. He graduated from Aoyama Gakuin University and then earned an MBA from Columbia University.
As the heir is walking a similar path to his father, the prevailing view is that he will soon set foot in Lotte Korea to prepare for the next leadership.
There are some issues that should be resolved to join Lotte Korea, however. Shin, who is known to be not fluent in Korean, would face immense pressure to give up his Japanese nationality to take the helm of the conglomerate whose national identity has always been a source of debate. His father had also given up his Japanese nationality. Also, the issue of stake inheritance remains as he currently has no stake in Lotte Group.
Meanwhile, Chairman Shin recently returned to Korea two months after he moved to Japan. It is widely anticipated that the year-end personnel reshuffle could take place in November, earlier than usual. Industry watchers said the group will speed up efforts to set up management plans for next year as its overall performance is deteriorating this year.
By Shin Ji-hye (shinjh@heraldcorp.com)