"Lotte's No. 2 Hwang Gak-gyu Resigns as Vice Chairman... Steps Down from Frontline Management"

Hwang Gak-gyu, Vice Chairman and CEO of Lotte Holdings.

[Asia Economy Reporter Seungjin Lee] Hwang Gak-gyu, Vice Chairman and CEO of Lotte Holdings, who is known as the closest aide to Shin Dong-bin, Chairman of Lotte Group, and the 'second-in-command' of Lotte Group, is stepping down from the frontline of management.

According to business circles on the 13th, Lotte Holdings is scheduled to hold a board meeting this afternoon to carry out high-level personnel changes, including Hwang's resignation.

At the end of last year, Chairman Shin's Supreme Court ruling was finalized, and this year, amid the COVID-19 pandemic, there have been calls for organizational reform.

Lee Dong-woo, CEO of Lotte Himart, is reportedly the leading candidate to succeed Hwang.

Hwang joined Honam Petrochemical (now Lotte Chemical) in 1979 when it was acquired by Lotte and has thrived as a 'Lotte man' for over 40 years. He is considered one of Chairman Shin's closest aides, having stayed by his side for more than 30 years.