Lotte promotes younger executives at the top
In an effort to transform into a revolutionary group in a rapidly changing environment, Lotte said it promoted younger executives. This reflects Lotte Group Chairman Shin Dong-bin’s will to become a “game changer” in the market.
Lotte made a major reshuffle in Lotte’s holding company and in its retail and chemical units.
Lotte has four business units: retail, hotel and service, chemical and food.
Song Yong-dok, chief of the hotel and service business unit, has been appointed as a co-CEO at Lotte Corporation. Song will take care of personnel and business management alongside co-CEO Hwang Kag-gyu, who will handle global business, strategies and finance.
Lotte Corporation President Lee Bong-chul, who supervised the group’s finance, has been appointed the head of hotel and service business unit.
Lotte Group Vice Chairman Lee Won-jun, also the retail business unit chief, stepped down from the position. Kang Hee-tae, Lotte Department Store president and CEO, has been named the vice chairman and chief of the retail business unit.
Kang started working for Lotte Department Store in 1987 and has been working for the department store ever since.
Kang has also been named the CEO of Lotte Shopping.
Lotte Shopping used to have a CEO for each operating division, like Lotte Department Store, Lotte Mart and health and beauty brand LOHB’s. But now there will be just one CEO for the entire Lotte Shopping, in an effort to more efficiently build future strategies and simplify the decision-making process.
Chief of the chemical business unit Kim Kyo-hyun was named the CEO of Lotte Chemical, which will merge with Lotte Advanced Materials next month. Following the merger, there will be three CEOs at Lotte Chemical, with one heading the base materials business and another the advanced materials business.
Lim Byung-yun, CEO of Lotte Chemical, will become the head of base materials, while Senior Vice President Lee Yung-jun has been promoted to the vice president of Lotte Chemical and the head of Lotte advanced materials.
Lotte Chilsung Beverage used to have two CEOs, but it will now have only one: Lee Yung-gu will sit as the CEO that handles them both.
Lotte said it added three female executives in the reshuffle.
BY JIN MIN-JI [firstname.lastname@example.org]