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Lotte Group revealed a significant reshuffle for its corporate executives on Wednesday, Dec. 6. The company focused on appointing younger employees for its latest shakeup.
Moreover, Lotte Group intends to add more female executives and external experts as well, as per Korea Joongang Daily. The conglomerate will appoint 14 new chief executive officers to various units within the company.
Promotions and New Assignments for Business Divisions
As part of the corporate reshuffle, Shin Yoon Yeol, the former vice president of Lotte Chemical and son of Lotte chairman Shin Dong Bin, has been promoted to head Lotte Corporation as senior vice president. He will lead the newly launched unit under the holding company dedicated to the company’s new businesses.
On the other hand, Lee Young Gu was promoted to the CEO role while becoming vice chairman of Lotte’s food and beverage unit. Lee Hun Ki also nabbed a CEO and president posts for the chemical business division.
For the retail unit, Kim Sang Hyun will retain his role as the head, and Chung Joon Ho will become the chief and president. Chung previously led Lotte Shopping as its CEO.
Increased Inclusion of Female Execs at Lotte
Some new external recruitment appointees include Kim So Yeon as chief of Lotte AMC, Chang Chae Hun for Lotte Property & Development, and Park Ik Jin for Lotte On. The three female executives are the company’s highest female representation since 2018, when Lotte appointed its first female chief.
Seoul Economic Daily reported that the proportion of women holding executive director or higher positions in the company increased from 7.4% to 9.8% this year. An official at Lotte Group stated, “There has been a significant change in key executives compared to last year, with a focus on advancing young leadership, reassigning key talent, and recruiting external talent.”
Meanwhile, the leadership reshuffle at Lotte lowered the average age of CEOs to 57 from the current average of 62.
Photo by: Lotte PR Room
