"Constant Crisis as a Growth Platform" Lotte Holds First Half VCM Today

Discussion on Group Mid- to Long-Term Strategy at Lotte World Tower on the 12th
Advancing Business Portfolio
Sharing Sustainable Management Financial and HR Strategies

Shin Dong-bin, Chairman of Lotte.

"In an unpredictable era of permanent crisis (Permacrisis), if we change and innovate to turn this into a stepping stone for growth, this year will be the starting point for 'New Lotte' to take a leap forward." (Shin Dong-bin, Chairman of Lotte, 2023 New Year's Address)

On the 12th, Lotte held the '2023 First Half Lotte VCM (formerly the Presidents' Meeting)' at Lotte World Tower in Songpa-gu, Seoul, to discuss the group’s management plans and mid-to-long-term strategies. VCM is a biannual meeting of Lotte Group presidents, gathering Chairman Shin Dong-bin, representatives of Lotte Holdings, heads of each business division, and affiliate CEOs.

The VCM, held from 1:30 PM to 6 PM at the 31st-floor auditorium of Lotte World Tower, will be conducted face-to-face only for the first time in three years since January 2020. About 70 key executives of Lotte, including Chairman Shin, are expected to attend.

At this first half VCM, Lotte plans to discuss transforming the 'permanent crisis' era into a foundation for sustainable growth. Starting with an external lecture on ways to overcome global crises, Lotte’s think tank, the Lotte Future Strategy Institute, will diagnose this year’s business environment and share various potential crisis scenarios along with response strategies.

Following this, discussions will focus on strategies to enhance Lotte Group’s business portfolio and financial and HR strategies for sustainable management. Since Chairman Shin has consistently emphasized the roles and leadership of CEOs, it is expected that he will also urge each affiliate CEO to execute the group’s mid-to-long-term strategies.

Meanwhile, prior to the VCM, Chairman Shin, representatives of Lotte Holdings, heads of business divisions, and the head of Lotte Holdings Office paid tribute by laying flowers and observing a moment of silence at the bust of Lotte founder Shin Kyuk-ho, located on the first floor of Lotte World Tower, commemorating the 3rd anniversary of his passing (January 19). Affiliate CEOs visiting Lotte World Tower for the VCM will also voluntarily lay flowers to honor the founder.

In his New Year's address this year, Chairman Shin quoted the founder’s words, "Self-innovation is indispensable for survival, and the key to growing a company is the courage to innovate," urging everyone to remember the founder’s spirit and overcome the era of permanent crisis.