"'Lotte's No. 2' Hwang Gak-gyu Steps Down... From Employee to Vice Chairman, a 'Salaryman Legend'"

Hwang Gak-gyu, Vice Chairman of Lotte Holdings
Steps Down from Frontline Management... Changes in the Group

From Employee in 1979 to Vice Chairman... '40-Year Lotte Man'
Close Aide to Chairman Shin Dong-bin and 'Second-in-Command of Lotte Group'

Hwang Gak-gyu, Vice Chairman of Lotte Holdings

[Asia Economy Reporter Lee Seung-jin] Hwang Gak-gyu, vice chairman and CEO of Lotte Holdings, known as "Shin Dong-bin's man" and "the second-in-command of Lotte Group," is stepping down from the front lines of management.

On the 13th, Lotte Holdings held a board meeting at 4 p.m. and decided on high-level personnel changes including Hwang's resignation. Hwang, a "Lotte man" who has been with Lotte Group for 40 years and a legendary salaryman, is regarded as a living witness who played a decisive role in growing the company into the fifth-largest conglomerate in Korea through numerous mergers and acquisitions (M&A).

Hwang also shares a special bond with Shin Dong-bin, chairman of Lotte Group. Their relationship dates back 30 years. Hwang first met Shin when he was a manager at Honam Petrochemical (now Lotte Chemical), which he joined in 1979. Shin, who had worked at Nomura Securities Japan and Lotte Corporation Japan, started his full-fledged management career in 1990 by joining Honam Petrochemical as an executive director.

Shin highly valued Hwang's work capabilities and brought him along in 1995 when he moved to Lotte Group's Corporate Planning Office as vice president. During this process, Shin created a new International Department under the Corporate Planning Office specifically for Hwang and gave him the title of "Head of International Department," drawing attention. Since then, Hwang has remained Shin's closest aide. During the 2015 management rights dispute within Lotte Group, Hwang supported Shin's control over the group alongside the late Vice Chairman Lee In-won.

Especially after Shin was legally detained in 2018 due to the political scandal, Hwang took on the role of Emergency Management Committee Chairman, managing internal group affairs and appearing in various external activities to minimize the impact of Shin's absence. In June of that year, he notably attended the Japanese Lotte Holdings shareholders' meeting on Shin's behalf. While in Japan, Hwang personally delivered Shin's letter to the management of Lotte Holdings Japan and requested their continued support for Shin.

Additionally, as head of the group's Policy Headquarters, Hwang successfully executed major mergers and acquisitions, contributing to Lotte Group's achievement of 100 trillion KRW in sales and securing its position as the fifth-largest conglomerate in Korea. He played a key role in acquisitions such as Malaysia's Titan Petrochemical at the end of 2010, Hi-Mart in 2012, KT Rental in 2015, The New York Palace Hotel in 2015, and Samsung SDI's chemical business division and Samsung Fine Chemicals in 2016.

Hwang became the co-CEO when Lotte Holdings was launched in 2017, becoming the group's second-in-command. In 2018, he was promoted to vice chairman, coordinating affiliates and drawing up business plans.

Vice Chairman Hwang Gak-gyu's Career

▲ Born in 1954 in Masan, Gyeongnam ▲ Graduated from Seoul National University, Department of Chemical Engineering, 1977 ▲ Joined Honam Petrochemical (now Lotte Chemical) in 1979 ▲ Head of International Department, Lotte Group Corporate Planning Office, 1995 ▲ Head of International Team, Lotte Group Management Headquarters (Executive Director), 2003 ▲ Head of International Office, Lotte Group Policy Headquarters (Senior Executive Director), 2006 ▲ Head of International Office, Lotte Group Policy Headquarters (President), 2011 ▲ Head of Operations Office, Lotte Group Policy Headquarters, 2014 ▲ Head of Management Innovation Office, Lotte Group, 2017 ▲ Vice Chairman and CEO, Lotte Holdings, 2018