Lotte Holdings "Targeting Overseas Markets... Accelerating Business Structure Reorganization"

Vice Chairman Lee Dongwoo Outlines Business Restructuring at Shareholders' Meeting
Accelerating Core Competitiveness and Divestment of Non-Core Businesses
All Agenda Items Approved, Including Financial Statements and Director Appointments

Lotte Holdings announced that it will accelerate the restructuring of its business portfolio by actively exploring overseas markets and fostering new growth engines to improve the group’s performance.

Dongwoo Lee, Vice Chairman and CEO of Lotte Holdings, is delivering a greeting as the chairman of the board at the 58th regular shareholders' meeting of Lotte Holdings held on the 26th. Photo by Lotte Holdings

On the 26th, Lee Dong-woo, Vice Chairman and CEO of Lotte Holdings, introduced the global business achievements and plans at the 58th regular shareholders’ meeting held at Lotte World Tower in Songpa-gu, Seoul, stating, “We are stepping up efforts to target the global market for a performance turnaround.” He specifically revealed to shareholders the sales achievement plans based on the expansion of Lotte Wellfood’s overseas production lines, last year’s overseas business performance of Lotte Chilsung Beverage and Lotte Shopping, and measures to enhance competitiveness in the global market.

Lee also explained the strategies the group is pursuing to strengthen its fundamental competitiveness in response to the liquidity crisis issues that arose inside and outside the Lotte Group last year. Notably, he mentioned that Lotte Chemical is accelerating the ‘Operational Excellence Project’ underway to optimize plant operations and reduce costs, as well as portfolio enhancement efforts. Additionally, the group is speeding up the sale of non-core businesses such as Lotte Rental, Lotte Wellfood’s Jeungpyeong factory, and Korea Seven’s ATM business.

The group also plans to focus on nurturing new growth engines to secure future revenue sources. Lee stated, “Starting in June, Lotte Biologics will provide ADC (Antibody-Drug Conjugate) CDMO (Contract Development and Manufacturing Organization) services at its Syracuse plant in the United States, aiming to elevate its business competitiveness to the next level.” Furthermore, Lotte Global Logistics will enhance management transparency and corporate credibility through an IPO (Initial Public Offering) scheduled for the first half of the year.

Meanwhile, at the shareholders’ meeting, four agenda items were presented and all were approved as originally proposed: approval of financial statements, appointment of directors, appointment of outside directors as audit committee members, and approval of director remuneration limits. Lee was reappointed as an inside director of Lotte Holdings, and Seo Young-kyung, a visiting professor at Yonsei University Graduate School of International Studies, was newly appointed as an outside director and audit committee member.