Young CEOs in Their 50s Positioned at the Forefront of Shopping and Chemical Wings
[Asia Economy Reporter Cha Min-young] "This is an unprecedented personnel move in Lotte's core affiliates such as shopping and chemicals."
Among the 2021 regular executive appointments at Lotte, where CEOs in their 50s were positioned forward, two stand out: Jin-gu Hwang, born in 1968, appointed Vice President and CEO of Lotte Chemical Basic Materials, and Seong-hyun Kang, born in 1970, Executive Director and Head of Lotte Shopping Mart Division. Lotte Shopping and Lotte Chemical account for over 70% of Lotte Group's sales. The business units (BUs) are also composed of the Distribution BU and Chemical BU.
In the executive appointments announced by Lotte Group on the 26th, young CEOs in their early 50s appeared. This reflects the will of Shin Dong-bin, Chairman of Lotte Group, to overcome the crisis by positioning young managers who can quickly grasp market needs and actively discover new growth engines.
Vice President Jin-gu Hwang, who will lead the Lotte Chemical Basic Materials division, has served as CEO of LC USA from 2018 to this year. Executive Director Seong-hyun Kang, who took charge of Lotte Mart's Mart Division, has been CEO of Lotte Nestle Korea from 2018 to the present.
Park Yoon-gi, Executive Director and Head of the Management Strategy Division (50 years old), appointed as the new CEO of Lotte Chilsung Beverage, is among the youngest along with Executive Director Seong-hyun Kang. Since 1994, he has held various positions at Lotte Chilsung, including promotion, channel analysis, strategy, marketing, overseas business, and management strategy.
Vice President Jin-seong Lee (51 years old), former head of the Lotte Future Strategy Research Institute, was appointed CEO of Lotte Food. Executive Director Woo-chul Cha (52 years old), head of the Management Improvement Team at Lotte Holdings, appointed as the new CEO of Lotte GR&S; Executive Director Jun-hyung Noh (52 years old), appointed CEO of Lotte Information & Communication and head of the DT Business Division; and Vice President Hun-gi Lee (53 years old), head of the Management Innovation Office at Lotte Holdings, are all in their early 50s.
Executive Director Jung-gon Seo (58 years old), appointed CEO of Busan Lotte Hotel; Managing Director Dae-sik Hwang (55 years old), appointed CEO of Lotte Versalis Elastomers; and Managing Director Tae-hyun Kim (55 years old), who will serve as CEO of Lotte Nestle Korea, are also included.
An industry insider said, "While some small affiliates of Lotte had CEOs at the executive director or managing director level, this kind of radical personnel move is unprecedented," adding, "Overall, it appears to be a personnel move focused on slimming down and appointing young CEOs."
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