Lotte Group CEO Urges Bold Reforms in Time of Crisis
Lotte Group’s Chairman, Shin Dong-bin, is rallying the troops, calling for bold reforms during the group’s semi-annual Value Creation Meeting (VCM) in Seoul. The urgency of the situation was clear as the meeting was scheduled earlier than usual, demonstrating a heightened sense of crisis within the group.
With over 80 executives in attendance, including Vice President Shin Yu-yeol, CEO Lee Dong-woo, and Lotte Corp.’s Head of Management Innovation Office Rho Joon-hyung, Shin emphasized the challenges ahead in 2024. He stressed the importance of enhancing core business competitiveness, taking swift actions like asset sales, and revaluation to rebuild market trust.
To navigate these tough times, Shin outlined key directives for the year. He urged executives to set ambitious goals, drive business innovation, and develop global strategies. Shin emphasized the need to break away from traditional approaches, encouraging a fresh perspective to redefine and adjust business models.
In his address, Shin pointed out that the decline in competitiveness of core businesses is at the root of their current difficulties. He called for bold goals, specific plans, and relentless effort to achieve them. Recognizing the importance of global competitiveness, Shin highlighted the need for overseas market expansion in the face of low domestic growth prospects.
Shin also emphasized the importance of organizational improvements, reportedly delivering strong criticism to underperforming affiliate CEOs. Prior to the VCM, Lotte showcased AI-driven innovations across the group, with Shin personally touring the showcase, experiencing technology demonstrations, and providing direct feedback to affiliates.
