Shin Dong-joo
Shin Dong-joo | |
|---|---|
| Born | January 28, 1954 Tokyo, Japan |
| Other names | Shin Tong-ju (Japanese name) |
| Occupation | Entrepreneur |
| Known for | Chairman of Lotte Japan, son of Lotte founder Shin Kyuk-ho |
Shin Dong-joo (; born January 28, 1954), also recognized by his Japanese name , is a South Korean entrepreneur operating mainly in Japan. As the firstborn son of Lotte Corporation founder Shin Kyuk-ho, he has occupied multiple leadership positions across Lotte and its affiliated entities. Presently, he holds the position of chairman at .
He is listed among the wealthiest individuals in South Korea; as of April 2024, Forbes valued his fortune at approximately US$1.03 billion, placing him 39th nationally.
Biography
Shin was born in Tokyo, Japan, as the eldest child of Lotte's founder Shin Kyuk-ho and his second spouse, Shigemitsu Hatsuko, who is ethnically Japanese. His younger sibling is Shin Dong-bin. Due to his residence in Japan, he primarily uses his mother's Japanese surname and is commonly identified by his Japanese name.
He completed his education at in 1972, obtained a bachelor's degree in 1976, followed by a master's degree in 1978 from Aoyama Gakuin University, and later earned an MBA from Columbia Business School.
Beginning his professional journey with Mitsubishi Corporation in 1978, Shin transitioned to Lotte Corporation in 1987. His career progression included roles as director in 1988, executive director in 1991, vice president in 2001, and vice chairman of Lotte Holdings by 2009. In 2011, he assumed the roles of vice chairman and president of Lotte International ().
Conflict with Shin Dong-bin and removal
The rivalry between Dong-joo and his younger brother Shin Dong-bin has been longstanding, with Dong-joo managing operations in Japan while Dong-bin oversaw Korean activities.[1][2] During Japan’s economic downturn, Dong-joo concentrated on maintaining internal stability, whereas Dong-bin adopted a strategy focused on aggressive acquisitions. Throughout the 1990s, Lotte's Korean business expanded beyond its Japanese counterpart; by 2013, revenue from Korea was fifteen times greater.[2]
Initially, their father Shin Kyuk-ho planned for Dong-joo to be his successor,[3] but in January 2015, Dong-joo was abruptly removed from Lotte Holdings.[2][4] Sources suggested this dismissal stemmed from Dong-joo pursuing business ventures in Korea against their father's preferences,[5] while Dong-joo accused Dong-bin of collaborating with executives at Lotte Japan to curtail his authority.[3]
In July 2015, Dong-joo and their father attempted to depose Dong-bin and other executives within Japan; however, Dong-bin successfully resisted these moves, diminishing their control.[5] By 2024, it was evident that Dong-joo had lost the internal power contest.[3]
During a 2024 interview with Sisa Journal, Dong-joo criticized Dong-bin’s leadership amid Lotte’s underperformance, deeming him unsuitable for command. Despite strained relations—having no personal communication since January 2020 except during shareholder meetings—Dong-joo still holds substantial shares in Lotte Japan, preserving a degree of influence.[3]
Personal life
In 1992, Dong-joo married Jo Eun-ju (), daughter of a Korean-American businessman. The couple has one son. By 2015, their family owned residences both in Japan and South Korea.[4] As of 2024, he primarily lives in Japan but frequently travels to South Korea for professional engagements.[3] Compared to his brother Dong-bin, he is generally regarded as more reserved.[3]
References
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- Businesspeople of Zainichi Korean descent
- Billionaires from South Korea
- Born in 1954
- Currently living individuals
- Entrepreneurs based in Tokyo
- Alumni of Aoyama Gakuin University
- South Korean nationals residing in Japan
- Graduates of Columbia Business School
- Members of the Shin family
- South Korean billionaires