Lotte replaces 14 CEOs in major shake-up

Home > Business > Industry

Lotte replaces 14 CEOs in major shake-up

Published: 06 Dec. 2023, 19:14 Updated: 07 Dec. 2023, 09:10

SEO JI-EUN
[email protected]

Clockwise from top left: Lotte F&B Headquarters CEO and Vice Chairman Lee Young-goo, Lotte Chemical CEO and President Lee Hun-ki, Lotte AMC CEO Kim So-yeon, and Shin Yoo-yeol, Senior Vice President at Lotte Corporation [LOTTE CORPORATION]

Lotte Group unveiled a major corporate shake-up Wednesday with a focus on expanding young and female leadership, as well as recruiting external experts. Fourteen of the company's affiliates have new CEOs.

Previous Lotte Chemical vice president Shin Yoo-yeol, who is the son of Lotte Chairman Shin Dong-bin, has been promoted to senior vice president at Lotte Corporation.

Shin will lead a newly established division under the holding company, which is dedicated to the group's new businesses, including the global and bio-healthcare sectors. The division will aim to discover a second growth engine for the company's mid-to-long-term strategies.

Lee Hun-ki assumed the position of CEO and president in the chemical sector.

Lee Young-gu has become CEO and vice chairman of the food and beverage headquarters, while Kim Sang-hyun remains at the helm of the retail headquarters.

Chung Joon-ho, who was previously CEO and vice president of Lotte Department Store, has been promoted to become CEO and president of the sector. Chung has garnered acclaim for overseeing the successful launch of Lotte Mall West Lake Hanoi and the elevation of the Jamsil branch, which is believed to have contributed positively to the company's image despite other challenges in the retail sector.

The reshuffle brought the average age of Lotte's CEOs down to 57 from the current average of 62.

External recruitment was also a key strategy, with individuals like Chang Chae-hun of Lotte Property & Development, Park Ik-jin of Lotte On, and Kim So-yeon of Lotte AMC joining the ranks.

Notably, Kim So-yeon's appointment as CEO of Lotte AMC will increase Lotte Corporation's number of female CEOs to three, marking the firm's highest female representation since its first female CEO was appointed in 2018. The proportion of women among the company's executives has increased slightly from 7.4 percent to 9.8 percent this year.

BY SEO JI-EUN [[email protected]]