Vice President Shin Yoo-yeol, Promoted as Exe. Vice President, being Groomed as Heir-Apparent of Lotte Group
Personnel change is designed to explore new businesses and ramp up competitiveness of core
(from left) Executive Vice President Shin Yoo-yeol of Lotte Corp.; President Lee Hoon-ki, head the business group’s Chemical Group,’ and Vice Chairman Lee Young-koo, chief of the Food Group.
Lotte Group’s subsidiaries recently carried out the 2024 regular reshuffle of executives, with a fresh focus on youth. The personnel change effectively prepares “younger leaders for sustainable innovation.”
Lotte stressed that the reshuffle was a step to secure future competitiveness amid rising external and internal management uncertainties and ramp up sustainable growth.
Thirty-eight subsidiaries of the group, including Lotte Corp., held their board of directors’ meetings on Dec. 6 and approved their respective reshuffles, replacing 14 CEOs.
The reshuffles may be summarized as placing young leaders at the forefront to ensure continuity of innovation, repositioning core manpower to upgrade portfolios of their core businesses, and expand the hiring of external experts, and strengthening the global capabilities of female leaders.
Vice President Shin Yoo-yeol, the eldest son of Lotte Group Chairman Shin Dong-bin, has been promoted to executive vice president.
He will not only serve as an executive in charge of basic materials at Lotte Chemical but will also head up the Future Growth Office at Lotte Corp., the holding company of the group.
His promotion is designed to oversee the management of new businesses, such as bio and health care, and explore second growth engines.
Lee Hoon-ki, chief of the Management Innovation Office at Lotte Corp. and concurrently CEO of Lotte Health Care, has been appointed to head the business group’s Chemical Group, replacing Vice Chairman Kim Kyo-hyun, who had led Lotte Chemical since 2017.
CEO Lee Young-koo has been promoted to vice chairman to lead the Food Group.
He entered Lotte Chilsung Beverage in 1987 and was repositioned to the Improvement Office of the Policy Headquarters at Lotte Group in 1997 before he was promoted to head of the beverage business division of Lotte Chilsung Beverage in 2009.
Kim Sang-hyun, Lotte Shipping president and concurrently head of the Distribution Group, has been retained. Vice Chairman Lee was the group’s first CEO hired from outside, breaking the group’s “pure-blooded tradition.”
