Lotte Group announced its regular executive appointments on Nov. 28, with Shin Yoo-yeol, the eldest son of Lotte Group Chairman Shin Dong-bin, being promoted to vice president.
Lotte announced that it made 2025 regular executive appointments in BOD meetings of 37 affiliates.
As a result of the executive reshuffle, the total number of Lotte Group executives has decreased by 13 percent from the end of 2023, and the CEOs of 18 of Lotte Group’s 58 affiliates have been replaced.
Moreover, 22 percent of Lotte executives retired as part of a group-wide restructuring.
As a result, the number of Lotte executives shrank 13 percent from the end of 2023. This is even more than the executive reshuffle in 2021, during the COVID-19 pandemic.
Shin Yoo-yeol, head of the Future Growth Office at Lotte Group, was promoted to vice president of Lotte Group. Shin Yoo-yeol served as the head of the Future Growth Office and the head of Lotte Biologics’ Global Strategy Office. He will lead the new business and global business in earnest.
He is expected to orchestrate the successful establishment of new businesses such as the bio CDMO business and global market development.
Lotte said it focused on fundamentally changing its management system and holding executives strictly accountable for their performance.
As a result, 18, or 31 percent, of the CEOs of all 58 affiliates have been changed. Earlier, Lotte initiated “emergency management” in August.
Lotte will replace 10 of the CEOs of 13 chemical business subsidiaries by excluding the heads of Lotte Aluminum, Lotte Energy Materials, and LC USA, all of whom were appointed in 2023.
A view of sugar-free Zero Choco Pie and Zero Choco Pie Dark Cacao, released by Lotte Wellfood.
Lotte Wellfood’s ‘Zero Chocolate Pie’ Becomes Huge Hit
Lotte Wellfood has sold 6 million packets of Zero Chocolate Pie in the 50 days since its launch in October.
Zero Choco Pie is the Korean confectionery industry’s first sugar-free chocolate pie.
Lotte Wellfood developed the product after many people answered that they wanted a sugar-free chocolate pie more than any other products in a consumer survey two years in a row.
The marshmallow, the symbol of Choco Pie, is generally made from sugar.
But Lotte Wellfood reflected consumers’ opinions that they wanted to enjoy a new Choco Pie with less sugar.
It took about two years for Lotte Wellfood to develop Zero Choco Pie.
It has the taste and texture of marshmallows and a chocolate flavor without the use of sugar.
The calorie content is 110㎉ per packet, which is about 63 percent lower than normal Lotte Choco Pie.
Lotte Wellfood is strengthening its Zero brand with the success of Zero Choco Pie.
The Korean food giant is employing a strategy to boost its competitiveness in the sugar-free dessert market as it has recognized the health and wellness sector as a future growth driver.
The Zero brand aims to rack up sales of more than 50 billion won in 2024.
“Zero Choco Pie has been loved by customers since its launch as Lotte Wellfood developed it in response to the needs of consumers,” a Lotte Wellfood official said.
Donation of VND3 Billion for Typhoon Recovery in Vietnam
Lotte announced on Sept. 24 that it will donate a total of VND3 billion (about 160 million won) to help Vietnam recover from typhoon damage.
Lotte’s 18 affiliates doing business in Vietnam will deliver the relief funds to the Fatherland Front in Hanoi and Ho Chi Minh City.
Recently, the northern region of Vietnam has been hit hard by a series of landslides and floods caused by a typhoon.
The typhoon claimed 300 lives, destroying approximately 260,000 homes, according to Vietnamese government authorities.
Lotte entered Vietnam in 1996 for the first time and has been steadily carrying out business and social contribution activities since then.
In 2020, Lotte donated VND3.7 billion (about 200 million won) to Vietnam to help the nation to fight the COVID-19 pandemic.
The following year, it donated VND10 billion (500 million won) to help the Vietnamese government establish a vaccine fund.
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