In a shareholder meeting held on July 16, Shin Dong-bin, the founder's younger son, Shin Dong-bin, was appointed as the head of Lotte Holdings, in a move that was seen marking the completion of power transfer from the founder.

"I will fulfill my duty and responsibility as leader, and put forth the best efforts for Lotte's businesses in South Korea and Japan in accordance with the philosophy of Shin Kyuk-ho," Dong-bin was quoted saying.

The founder's eldest son, Dong-joo, was stripped of his executive titles at three Lotte affiliates in Japan as of January this year, which immediately rose speculations that his younger brother, 60, would be crowned as his father's successor.

The move came as a surprise as market watchers earlier believed the two sons would each head the group's operations in South Korea and Japan. (Yonhap)