From left are Lotte Hotels & Resorts CEO Lee Wan-shin, Lotte Confectionery CEO Yi Chang-yeop and Lotte Chemical Vice President Shin Yoo-yeol. Courtesy of Lotte Group
By Baek Byung-yeul
Lotte Group promoted young leaders to top management posts in this year's reshuffle of executives as it seeks to make changes and revamp existing businesses in preparation for economic uncertainties in the coming years, the group said Thursday.
Among the newly promoted executives, Shin Yoo-yeol, the oldest son of Lotte Group Chairman Shin Dong-bin, was promoted to vice president of Lotte Chemical from deputy vice president.
Shin was recognized for his contribution to strengthening global cooperation in hydrogen energy and electrical material businesses, which have been focuses of the group. His promotion signals that the nation's fifth-largest conglomerate is beginning to undertake the management succession process.
Also, Lotte Confectionery appointed an outside figure as its CEO and Lotte Members appointed a female executive as CEO in order to respond to growing business uncertainties and improve the group's capabilities.
Through the reshuffle, the average age of Lotte's CEOs became 57, one year younger than last year's average. The average age of presidential positions is about three years younger than last year's and the proportion of newly appointed executives in their 40s is 46 percent.
In detail, Lee Wan-shin, CEO of Lotte Homeshopping, was appointed as CEO of Lotte Hotels & Resorts, while Yi Chang-yeop, chief operating officer of LG Household & Health Care, became CEO of Lotte Confectionery.
The group said the reshuffle came in consideration of the chairman's stated goal for a renewal of Lotte.
"Considering that uncertainties in internal and external business environments could grow and an era of 'permacrisis' could come next year, Lotte Group went through a more precise verification and review process to secure future competitiveness and realize changes and renewal of existing businesses," the group said.
In line with the trend, three high-profile executives that had led the group for over 35 years will retire, the group said. They are Lotte Corp. CEO Song Yong-dok, Lotte Rental CEO Kim Hyun-soo and Lotte E&C CEO Ha Suk-joo.
