(left) Lotte Chairman-in-chief and CEO Shin Kyuk-ho and Lotte Group Chairman Shin Dong-bin

 (photos: courtesy of Lotte Group, article by S. Y. Kim)

Lotte Chairman-in-chief and CEO Shin Kyuk-ho, in his New Year’s message, called for massive innovation and firming up of the existing businesses though site-oriented management as well as quality management for enhancing corporate values. He also urged his executives and staff members to take responsibility corresponding to their corporate size and social standing and to “go nimble and be receptive to outside voices with a humble heart and an open-minded attitude. 

Shin said, “We at Lotte have to devote ourselves to massive innovation and a firming up of the existing businesses though site-oriented management.” He called for ramping up its strengths and core capabilities by restructuring its operation based on thorough risk management and rationalizing of business portfolios and finding solutions on sites by directly listening to the voices of customers, co-workers, and their cooperative companies.

Next, he stressed quality management for enhancing corporate values. Shin asked his executives and staff members to seize opportunities in advance by grasping customers’ needs in all cycles of distribution, including production.

Third, he said, “The expanding of overseas businesses and their stable growth are the imperative tasks we have to achieve.” He called for attempting to make inroads into the untapped countries in Northeast Asia and the Americas to usher in an era of post-VRICI countries (Vietnam, Russia, India, China and Indonesia). 

Lastly, Shin called for taking a “responsible” attitude corresponding to group size and social standing. He urged his executives and staff members to accelerate their efforts to promote shared growth with SMEs and neighborhood marketplaces and create a flexible organization receptive to outside voices with a humble attitude and open heart based on a sincere, responsible attitude.

Lotte Group Carries Out Reshuffle

Lotte Business Group conducted a reshuffle, replacing the CEOs of the group’s major affiliates on Jan. 28.

The reshuffle is construed as Group Chairman Shin Dong-bin’s strengthening of his grip over the conglomerate, business analysts said.

(from left) Korea Seven President Chung Seung-in,; Hwang Kak-gyu, head of Lotte Group’s Operation Office,; Lotte E&C President Kim Chi-hyun,; Lotte Super President Choi Chun-seok,; and Daehong Communications President Jang Sun-wook.

Whang Kak-gyu, Chairman Shin’s right hand man and the group’s president of International Business, Policy Division, has been appointed to serve as head of the group’s Operation Office, replacing Kim Chi-hyun, who has been moved to president of Lotte E&C, a job entrusted with the group’s mega-project of constructing the Lotte World Tower in Jamsil, Seoul, the second Lotte World. Lim Byung-yeon, chief of the group’s Future Strategy Center, has been tapped as the head of international affairs at the group’s Policy Headquarters, charged with overseeing the group’s M&As. 

In the retail division, President Soh Jin-se of Lotte Super/Korea Seven, has been transferred to overall president of Lotte Shopping, while Choi Chun-seok, head of Lotte Mart Merchandise Division, has been appointed president of Lotte Super. Chung Seung-in, chief of Lotte Department Store Marketing Division has been named president of Korea Seven.

Executive Vice President Kang Hee-tae of Lotte Department Store Merchandise Division was promoted to senior executive vice president in charge of Chinese operations of the department store. Vice President Jang Sun-wook of the group’s Manage-ment Strategy Division was promoted to executive vice president to serve as president of Daehong Communications, the advertising unit of the group, replacing Choi Jong-won, who was appointed chief of the group’s Public Affairs Office.