What is Shin Dong-Joo's net worth?
Shin Dong-Joo is a South Korean businessman who has a net worth of $800 million. At his peak of power, around 2011, Shin Don-Joo's net worth topped $2 billion. At that level he was one of the richest people in Korea.
Shin Dong-joo (Korean: 신동주; Japanese: 重光昭夫, Shigemitsu Akio) is best known for being the former CEO of the Japanese Lotte Group. He is the eldest son of Shin Kyuk-ho, the founder of Lotte Group. He was ousted from the family business in 2015 by his brother, Shin Dong-Bin after a bitter feud.
Shin Dong-joo was born on April 19, 1954, in Tokyo, Japan. He attended Aoyama Gakuin University in Japan, where he studied industrial engineering. After graduating from university, he worked for Mitsubishi Corporation for two years. In 1978, he joined Lotte Group, where he worked in a variety of roles, including as the head of Lotte's U.S. branch.
In 1987, Shin Dong-joo was appointed CEO of Lotte's Japanese operations. He oversaw a period of rapid growth for the company, and Lotte became one of the largest conglomerates in Japan. Shin Dong-joo was also instrumental in expanding Lotte's operations into China and other Asian countries.
In 2010, Shin Dong-joo's younger brother, Shin Dong-bin, was appointed CEO of Lotte Group. This led to a bitter feud between the two brothers, as they both vied for control of the company. In 2015, Shin Dong-bin was able to oust Shin Dong-joo from his position as CEO of Lotte's Japanese operations.
Shin Dong-joo has since been living in exile in the United States. He has filed a number of lawsuits against his brother and Lotte Group, alleging that he was wrongfully removed from his position as CEO. In 2017, a Seoul court ruled in Shin Dong-joo's favor, ordering Lotte Group to pay him $1.2 billion in damages.
Personal Life and Philanthropy
Shin Dong-joo is a controversial figure. He has been accused of being ruthless and authoritarian in his business dealings. However, he is also credited with being a visionary leader who helped to transform Lotte Group into a global conglomerate.
In addition to his business career, Shin Dong-joo has also been active in philanthropy. He is the founder of the Hiroyuki Shigemitsu Foundation, which provides scholarships to students from disadvantaged backgrounds. He is also a member of the World Economic Forum's Young Global Leaders program.