Lotte Group Chairman Shin Dong-bin stressed the importance of endless change and innovation to create a “New Lotte” and secure future competitiveness in his New Year’s message, following last year’s regular reshuffle of executives.
In the message for the year 2023, Chairman Shin said, “Globally, market variability and uncertainty is getting greater than at any time previous, and the arrival of an era of “perma-crisis” serves as an opportunity for us to look back at things we’ve taken for granted and old habits.”
Looking back at last year, he said, “Despite drastic business conditions, we’d not stopped challenging and efforts.”
Chairman Shin extended thanks to his executives and staff members’ passion and dedication for making precious achievements in the conventional and new business areas, despite difficult external and internal environments.
Chairman Shin called for making endless change and efforts to secure future growth engines of new areas.
He emphasized determination to break down the conventional mold and move forward, rather than improving only business performances and his executives and staff members’ endless innovation.
Shin urged his executives and staff members to raise their corporate values, change customers’ life in a long-term perspective, 10 years or 20 years later, and “ponder how to bring more benefits to our society.”
“Even if we put together our wisdom and capabilities despite an uncertain future, we can make irreplaceable competitiveness in the global market, undergoing changes every day,” he said.
Shin spoke of the necessity of a corporate culture with a dynamic mindset for a robust growth and flexible thinking.
“It is necessary to have a young leadership that gives vigor into organization and proactively accommodate new insights of the outside as well as have a flexible mindset to have a new insight into even difficulties they experience in the course of challenging,” he said.
Shin emphasized the importance of young leadership, an open-minded attitude and a flexible mindset.
As for ESG management, he said Lotte should join forces to move toward one place despite difficulties.
Lotte has to ponder with sincerity how to achieve shared growth with SME partners, as the group’s distribution subsidiaries had joined forces to help their SME partners explore overseas markets, he said.
In particular, he stressed the importance of sincerity and good-natured values, saying that Lott has to walk together with stakeholders, including customers, stockholders, partners and regional society by prioritizing good-natured values in the decision-making process of each business area.
Chairman Shin cited the late Lotte founder Shin Kyuk-ho’s saying “Self-innovation is prerequisite for survival and courage of innovation is a key to corporate growth.”
“If we continue to make endless changes and purse innovation and challenging together in an era of an unpredictable, “perm-crisis”, this year will be the starting point of efforts to help Lotte further make a leap forward,” he said.
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