Lotte Group held the Value Creation Meeting (VCM), the new year’s first CEO meeting, at the Lotte Manpower Development Institute in Osan, Gyeonggi-do, on Jan. 20.
The latest VCM handled strategies and major tasks designed to raise corporate value under the theme “A New Lotte, Innovation.”
At the latest VCM, Lotte Group Chairman Shin Dong-bin said, “Endeavoring to improve corporate values in a mid- and long-term perspective is key to making the company compatible with future growth potential.”
Chairman Shin emphasized the importance of securing competitiveness through manpower development, investing for the future and creating socially virtuous values. He called for reinventing the conventional merit concept.
Chairman Shin also stressed the need for leadership to foster innovation. He posed to the participating CEOs a question: “Are you a manager unilaterally communicating, or a manager attaching priority to sympathizing with members?”
He proposed three things for a leader: An insight into understanding the future and making new paths despite difficulties, determination of challenging untrodden paths, and strong execution by devoting himself or herself to making all staffers achieve goals.
In particular, he told the CEOs they execute what they think as the most important thing, rather than doing good things.
Lastly, as for Lotte’s slogan “Making Today Anew, Making Tomorrow Beneficial,” unveiled last year, Chairman Shin said it communicates the need to make preparations for the future by renewing Lotte.
He said, “It is most easy to work in the conventional way of the past, but doing so, it cannot make a future we’re dreaming, and I urge you to work in a new way and reinvent Lotte.”
Chairman Shin’s remarks came after he delivered his New Year’s message in which he urged his executives and staffers to make preparations for the future with a challenging spirit Lotte Group Chairman Shin Dong-bin said, “failure is an example of attempting to do something, so a creative, challenging environment without the fear of failure is hoped to be created.”
He said, “This year is a time when we have to make a foothold to make a greater take-off beyond the normalization of businesses.”
Chairman Shin cited a quote by Wayne Gretzky, considered the greatest player in the history of ice hockey, who said, “You miss 100 percent of the shots you don’t take.”
He emphasized aggressive challenges, saying, “The achievements we’ve made so far are made possible through numerous challenges and failures.”
“Attempting innovation is essential for future growth,” Chairman Shin said. “If you continue to challenge after learning the lessons of failure, chances are high you can seize opportunities.”
The VCM coincided with an event to open Lotte Manpower Research Institute’s Osan Campus that underwent renewal.
Chairman Shin Dong-bin of Lotte Group and CEOs of the group’s subsidiaries plant a commemorative plant in a ceremony to open Lotte Manpower Research Institute’s Osan Campus that underwent renewal.
The campus, opened in January 1993, has served as a center to help Lotte nurture manpower. The renewal project cost 190 billion won.
The renovated campus has space enabling creative learning and communications, including lecture rooms designed to allow free discussions for MZ generations.
It also has a safety experience zone designed to instill awareness toward safety into Lotte executives and staffers’ mind since the importance of safety is mounting in the wake of the enforcement of the Act on the Punishment of Serious Disasters.
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