Asian retailer Lotte accepts resignation from jailed co-CEO

February 21, 2018

SEOUL, South Korea (AP) — Lotte says its holding company’s board has accepted the resignation of its co-CEO, who has been convicted of bribery and embezzlement.

The Asian retail and chewing gum giant 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 in a wide-ranging corruption scandal that brought down South Korea’s president.

Co-CEO Takayuki Tsukuda will head the holding company at the heart of Lotte’s complicated ownership structure.

Shin sought to improve transparency and reform South Korea’s fifth-largest conglomerate before he was convicted and jailed earlier this month.

Update hourly