Shin Dong-bin took the position of chairman of Lotte Corporation in 2011, overseeing a massive multinational conglomerate. Born in Tokyo in 1955 as Akio Shigemitsu, he is the son of Lotte founder Shin Kyuk-ho. His leadership of the South Korean entity followed an extensive period of formal academic and professional preparation in both Japan and international financial centers.
Academic and Early Professional Background
After attending Aoyama Gakuin Elementary, Middle, and High School in Tokyo, Shin earned a B.A. in economics from Aoyama Gakuin University in 1977. He later obtained an MBA from Columbia University. His professional experience began in 1980 at the London branch of Nomura Securities. In 1988, he transitioned to the family business, joining Lotte Chemical.
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Upon becoming chairman in 2011, Shin directed a period of aggressive growth through mergers and acquisitions. His portfolio of acquisitions included Hi-Mart, which became Lotte Hi-Mart, and Hyundai Logistics, now known as Lotte Global Logistics. Furthermore, he expanded the group into the hospitality and chemical sectors by acquiring The New York Palace Hotel, Samsung Fine Chemicals, and Samsung BP Chemicals.
Legal Proceedings
Shin faced significant legal challenges during his tenure. In 2017, he received a two-year suspended sentence for embezzlement and breach of trust. By February 2018, the Seoul Central District Court sentenced him to 30 months in prison regarding payments of 7 billion won to Choi Soon-sil, a confidante of former South Korean President Park Geun-hye, intended to secure a duty-free license. An October 2018 appeals court ruling upheld the conviction but suspended the sentence, resulting in his release.
Public Engagement and Personal Life
Shin maintains active roles in philanthropy and sport, serving on the Board of Overseers of Columbia Business School and donating $4 million in 2013 to establish fellowships. As Chairman of the Korean Ski Association, he pledged 60 billion won for the PyeongChang Olympics. He is married to Ogo Manami, and the couple has three children. He resides and works within the Lotte World Tower.
Fast facts
- Born: 1955, Tokyo
- Citizenship: South Korea
- Education: Aoyama Gakuin University, Columbia University
- Chairman of Lotte Corporation: Since 2011
- Awards: Order of Friendship, Knight First Class of the Order of the White Rose of Finland
- Languages: Korean
Questions readers ask
What was Shin Dong-bin's initial career role?
He started his career at the London branch of Nomura Securities in 1980.
How did he gain control of Lotte?
He gained control following a long legal battle involving disputes with his brother, Shin Dong-joo.
Achievements
- Order of Friendship
- Knight First Class of the Order of the White Rose of Finland
- Educated at Columbia University and Columbia Business School