Lotte Chairman Shin Dongbin to Hold Presidents' Meeting on the 15th to Discuss Management Strategy

Lotte Group Chairman Shin Dongbin will discuss this year's business strategy with affiliate CEOs in mid-January.

According to industry sources on January 4, Lotte will hold its 2024 first-half Value Creation Meeting (VCM, formerly the Presidents’ Meeting) at Lotte World Tower in Songpa-gu, Seoul on January 15, chaired by Chairman Shin.

Shin Dongbin, Chairman of Lotte Group Yonhap News

Lotte holds the VCM every year in the first and second halves, attended by the CEO of Lotte Holdings, division heads, and affiliate CEOs. Shin Yooyeol, Executive Vice President and Head of Future Growth at Lotte Holdings as well as Co-CEO of Lotte Biologics and a third-generation member of the founding family, is also expected to attend.

Typically, the first-half VCM reviews the previous year's business performance and the current status of the group, and shares management goals for the year.

This meeting is expected to focus on discussing strategies to respond to changes in the internal and external business environment.

At the end of last year, Lotte sent a strong message of renewal by having all vice chairmen step down and replacing a large number of affiliate CEOs during its personnel reshuffle. At that time, Lotte also abolished the HQ system, which grouped affiliates by industry sectors such as retail, chemicals, food, and hotels, thereby strengthening its commitment to responsible management.

In his New Year's address on January 2, Chairman Shin emphasized the need for a turnaround to achieve qualitative growth, stating, "This year, the triple pressures of high inflation, high interest rates, and a strong won-dollar exchange rate, as well as geopolitical risks, will continue to dampen consumer sentiment and drive up raw material prices. In addition, fundamental restructuring of our core businesses will be required due to demographic changes."

He also called for "completing innovation in our existing core businesses through strong execution."