Preferring Change to Stability
The Lotte Group carried out a large-scale reshuffle of executives on Dec. 19, appointing new heads for its chemical and food business units and promoting no less than 17 executives. Experts point out that the reshuffle represents the group's first move to build a “New Lotte” since chairman Shin Dong-bin returned to his position two months ago.
The reshuffle, which covered 30 subsidiaries in the chemical and food sector, is characterized by a change of generation. Old leaders such as chemical business unit head Heo Soo-yeong and food business unit head Lee Jae-hyuk stepped down. Their posts were taken over by Lotte Chemical president Kim Kyo-hyun and Lotte Food president Lee Yeong-ho, respectively.
A number of foreign and female members got a promotion as well. For example, Lotte India managing director Milan Wahi has been promoted to an executive position based on his accomplishments related to profitability improvement. The number of female executives rose by four to 34.
A total of 27 members have been promoted to executive positions in Lotte Chemical, which accounts for almost half of the entire group’s operating profit. The number is 11 as for Lotte Confectionery, the origin of the group, as in the case of Lotte Corporation, which incorporated Lotte Chemical as its subsidiary in October this year.
“The reshuffle is not only to make the group younger but also to give more chances to those who have done well,” the group explained, adding, “The new executives will accelerate the growth of our digital and global business and innovation for the upcoming decades.”