Lotte Holdings of Japan sacks CEO-chairman Shin Kyuk-Ho

Lotte Group founder and chairman Shin Kyuk-Ho has been sacked from the chief executive post of Lotte Holdings in Japan.

At an emergency meeting on Tuesday, the board of directors of the Tokyo-based Lotte Holdings Co. voted to sack the 93-year-old tycoon, unhorsing him to the post of honorary chairman.

The unexpected move came after Shin unilaterally fired six board members, including his second son Shin Dong-Bin, who had been appointed as the head of Lotte Holdings earlier this month.

However, the junior Shin appears to have successfully defended his position and ousted his father.

The senior Shin returned to South Korea on Tuesday evening but left the airport without answering any media questions.