The founder of Lotte Holdings Co., embroiled in a family feud over its management, has left the board after a stint of around 70 years following shareholders’ approval of a board proposal Saturday.
The reason for the resignation of South Korea-born founder Takeo Shigemitsu, 94, was old age, according to the unlisted holding company based in Tokyo.
But Shigemitsu’s eldest son Hiroyuki, 63, who was dismissed as a company executive in 2015, told reporters after the meeting that he had actually proposed as a shareholder that he and his father be included on the board. He said that the proposal was voted down and that the founder was removed “against his will.”
The conglomerate is led by his younger brother Akio Shigemitsu, 62. The elder brother’s bid to oust the management has been repeatedly rejected since the power struggle erupted in 2015.
The group makes confectioneries and operates hotels, golf courses and professional baseball teams in Japan and South Korea.
The founder retained his title of honorary chairman. The details of the holding company’s shareholders are not disclosed.
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