Shin Dong-bin: "Vision and Goals Must Translate into Results"... Calls for 'Strong Execution Power'

Emphasis on Strengthening Execution at H1 VCM
"Unpredictable Year... Prepared for Any Variable"
"AI Should Be Seen as a Way to Enhance Competitiveness"

Shin Dong-bin, Chairman of Lotte, urged the heads of each affiliate on the 18th to demonstrate strong execution capabilities to ensure that the group’s vision and goals translate into tangible results.

At the afternoon Value Creation Meeting (VCM, formerly the Presidents’ Meeting) held at Lotte World Tower in Jamsil, Seoul, Chairman Shin emphasized the need to strengthen execution excellence. He stated, "Strong execution is crucial for becoming a company capable of sustainable growth under any circumstances," and added, "I hope Lotte Group will demonstrate strong execution to lead the global market in this new era."

On the 18th, one day before the 4th anniversary of Lotte founder Shin Kyuk-ho's passing, Shin Dong-bin, Chairman of Lotte Group, is seen leaving the 'Honorary Chairman Shin Kyuk-ho Memorial Ceremony' held at Lotte World Tower in Songpa-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

Chairman Shin predicted that this year would be more unpredictable than before due to low domestic economic growth and a global economic downturn. He stressed, "It is more important than ever for the entire group to closely monitor changes in the business environment and respond agilely." He continued, "To achieve the management goal of enhancing corporate value through sustainable growth and to grow even amid high uncertainty, thorough preparation is necessary to respond to any variable."

For this year’s management policy, Chairman Shin highlighted ▲ securing a leading position within the industry ▲ expanding global business ▲ investing to secure competitiveness ▲ comprehensive risk management. He then urged, "Create business models that can lead the market, like Lotte Mall West Lake Hanoi, which is expected to achieve 100 billion KRW in sales in the shortest period among shopping malls in Vietnam." He also emphasized, "If there are countries with growth opportunities, actively consider business entry and market expansion," and added, "Since this is a period of high uncertainty, preparation to respond flexibly according to the situation is necessary."

Chairman Shin presented 'vision' and 'innovation' as keywords for the CEO role. He requested, "Demonstrate leadership by presenting a clear vision that guides the organization and employees in one direction," and "If there is an opportunity for innovation, do not fear failure and execute strongly." He also urged, "Do not think of artificial intelligence (AI) merely as a tool for improving work efficiency, but regard it as a means to strengthen fundamental competitiveness from an innovation perspective." Earlier, in his New Year’s address on the 2nd, Chairman Shin had emphasized 'AI Transformation.'

The VCM is a biannual meeting of Lotte Group’s presidents held every first and second half of the year. It gathers Chairman Shin, the CEO of Lotte Holdings, heads of each business division, and affiliate representatives. This day, about 80 key executives of Lotte, including Chairman Shin, attended. Shin Yoo-yeol, Chairman Shin’s eldest son and Executive Director of Future Growth at Lotte Holdings, also attended but reportedly did not make any remarks.

On the 18th, one day before the 4th anniversary of Lotte founder Shin Kyuk-ho's passing, Shin Yu-yeol, Executive Director of Lotte Group, is seen leaving after the 'Honorary Chairman Shin Kyuk-ho Memorial Ceremony' held at Lotte World Tower in Songpa-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

At the meeting, following an external lecture on 'goal-oriented management,' the Lotte Future Strategy Institute analyzed this year’s business environment and potential external risk factors, sharing response plans by business division. The Design Strategy Center also diagnosed the group’s design competitiveness and shared tasks to elevate it to the next level.

Before the meeting, Chairman Shin paid tribute to the late founder Shin Kyuk-ho by laying flowers at his bust on the first floor of Lotte World Tower, commemorating the 4th anniversary of his passing (January 19). The affiliate heads who arrived at Lotte World Tower for the afternoon meeting voluntarily laid flowers to honor the founder.