Shin Yoo-yeol, third-generation Lotte executive director, ‘the core axis of future growth’… Generational change of 14 affiliated representatives

Actively transfusing young talent and external experts
Three CEOs in their 40s… The president looks 5 years younger
Punishment for personal injury… Change of head of e-commerce, etc.

Lotte Group has entrusted the key axis of future growth to Executive Director Shin Yoo-yeol (37), the third generation of its owner. While actively recruiting young talent and external experts, we also carried out personnel reform by replacing 14 CEOs of affiliates.

On the 6th, Lotte Group held a board meeting of 38 affiliates, including Lotte Holdings, and announced that each company had appointed regular executives for 2024. This year’s executive personnel reshuffle is characterized by a generational change in key executives compared to last year. Eight CEOs of affiliates in their 60s resigned, and the number of CEOs in their 40s increased to three. The age for promotion to president also became five years younger than last year. In addition, as the principle of punishment for personal injury was emphasized, the heads of affiliates such as E-commerce and Korea Seven were replaced.

First, Lotte Chemical Managing Director Shin Yu-yeol, the eldest son of Chairman Shin Dong-bin (68), was promoted to executive director and took charge of the newly established future growth office within Lotte Holdings. We plan to carry out important tasks such as managing new businesses such as bio and healthcare as well as discovering the group’s second growth engine. He will also serve as head of the global strategy office at Lotte BioLogics, a key affiliate for the group’s future growth.

Executive Director Shin, who joined Lotte in Japan in 2020, has enhanced his expertise in finance by serving as CEO of investment affiliates, including CEO of Lotte Strategic Investment (LSI) and CEO of Lotte Financial in 2022. This year, he closely followed Chairman Shin’s group management and was seen openly receiving third-generation management succession lessons.

In this reshuffle, Vice Chairman Kim Kyo-hyun (66), general representative of Lotte Group’s chemical division, who led Lotte Group’s chemical business for five years, the late Honorary Chairman Shin Kyuk-ho, and Lotte C&T CEO Ryu Je-don (63), who served as Chairman Shin’s secretary, decided to resign. Lee Hoon-ki (56), head of ESG Management Innovation at Lotte Holdings, will be appointed as the successor to the chemical group general manager. Jaehoon Jang (54), CEO of JLL Korea, was appointed as the new CEO of Lotte C&T.

In addition, it is explained that the company actively recruited external experts with proven management capabilities. Park Ik-jin (55), head of the global operations group at Affinity Equity Partners, was hired as CEO of e-commerce (Lotte On), which continued to see losses. Executive Director Kim So-yeon (55), who was appointed as the new CEO of Lotte AMC, is the first female CEO of a real estate asset management company in Korea. The number of female executives at Lotte increased from 47 last year to 54 this year.

In addition, Lee Young-gu (61), CEO of the food group, who stably led the merger of Lotte Confectionery and Lotte Food, was promoted to vice president. A total of three people were promoted to president, including Go Soo-chan (61), vice president and head of Lotte Holdings’ management improvement office, Go Jeong-wook (57), vice president and head of Lotte Holdings’ financial innovation office, and Jeong Jun-ho (58), vice president of Lotte Department Store. CEO Jun-Hyung Noh (55), who led new businesses and IT (information technology) and DT (digital transformation) businesses at Lotte Data Communication, was appointed as the new head of the ESG Management Innovation Office at Lotte Holdings.

Reporter Kim Hyeon-i