Lotte uses 'unconventional' approach in reshuffling top execs

Asia's Tech News Daily

Lotte uses 'unconventional' approach in reshuffling top execs

Lotte’s shopping complex and hotel in downtown Seoul / Korea Times file

Outside figures named to lead key positions

By Yi Whan-woo

Lotte Group carried out a massive reshuffle of top executives, Thursday, in what is seen as a desperate bid to tackle its declining dominance in shopping, lodging and other major businesses that face a rapidly changing landscape in the digital era.

Lotte uses 'unconventional' approach in reshuffling top execs

Jung Joon-ho, new head of Lotte’s retail-related businesses / Courtesy of Lotte Group

It also announced plans to overhaul its business structure, scrapping the division of its units into the four categories of retail, hotel and services, food, and petrochemicals, with multiple affiliates under their respective wings.

Instead it introduced so-called headquarters-based structure aimed at managing affiliates in a more flexible and resilient manner. There are now six of these headquarters, up from the original four with the addition of the construction and rental businesses.

In a regular year-end reshuffle of 38 affiliates, the conglomerate promoted Lotte GFR CEO Jung Joon-ho as head of the retail headquarters.

A global retail export, he built his career at P&G, working at its U.S. headquarters and regional offices in Korea and Southeast Asia, as well as Malaysia-headquartered travel retailer DFI.

He then led Homeplus, a discount retail chain store operated by Shinsegae Group, before joining Lotte as the head of GFR in 2019.

He replaces Kang Hee-tae who has been in charge of Lotte’s retail-related business units.

The unit consists of seven companies ― Lotte Department Store, Lotte Mart, Lotte ON, Lotte Super, Lotte Home Shopping, Lotte Hi-Mart and Korea Seven ― that collectively form the broader Lotte Shopping group with Kang having been its vice chairman.

Meanwhile, Lee Bong-chul, who oversaw the group’s hotel- and services-related units, is replaced by Ahn Se-jin, an outside figure who was previously CEO of the Nolboo franchise restaurant chain.

Lotte uses 'unconventional' approach in reshuffling top execs

Ahn Se-jin, new head of Lotte’s hotel- and service-related businesses / Courtesy of Lotte Group

The units to be held by him include Lotte Hotel, Lotte Duty Free and Lotte World, all affiliated with travel and leisure activities that were severely hit by the COVID-19 pandemic.

Ahn worked on growth engines at LG and LS, before being appointed in 2018 to head Nolboo controlled by Morgan Stanley Private Equity.

Kim Gyo-hyun, who headed the chemical business unit, has been promoted to vice chairman and will manage the chemical headquarters.

The remaining headquarters will be led by former business unit chiefs, or outside figures.

Industry sources view this year’s reshuffle as “far more unconventional” than last year when 13 top executives were replaced.

The newly appointed CEOs are mostly in their 50s and are relatively young, representing a departure from the previous standards adopted by Lotte, which, after being founded in 1967, has been known for its conservative corporate culture, including its criteria for promotion eligibility.

For instance, Chung is 56 years old, while Kang Hee-tae is 62 and Lee Bong-chul is 63.

Regarding the scope of the reshuffle, the sources said it is as broad as the one in 2020.

The fact that an outside figure took over a key position is also surprising, according to the sources.

“It can be said Chairman Shin Dong-bin held the CEOs of the poorly performing affiliates accountable through the reshuffle,” a market observer said. “The case is especially noteworthy considering Lotte has been slow when it comes to reform, overhaul and other measures related to innovation.”

A Lotte public relations staff member explained the newly-adopted headquarters system will facilitate decision-making.

“It is designed for each headquarters to actively intervene in the future-oriented strategies of the affiliates,” he said.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

This Amazon Cyber Monday deal knocks $300 off a top-tier Shark Robot vacuum

Shark sells some of the best robot vacuums you can buy in 2021, and Amazon has slashed the price of the excellent Shark IQ Robot Self-Empty XL as part of ... Read more »

Today is the last day to get Hulu for 99¢ per month for 12 months

We’re nearing the end of Cyber Monday and when it ends, so does this fantastic deal on Hulu that offers new and valid returning customers 12 months of access for ... Read more »

PDFZilla review

If you’ve never used a PDF editor before, it can be surprisingly complicated to find the right one on the current market. There are lots of different products available, and ... Read more »

Cyber Monday coffee maker deals are piping hot—save big on Keurig, Nespresso and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Coffee lovers can get some pretty steep discounts on Cyber Monday—including ... Read more »

Seven finalists announced for 2022 Car of the Year

The seven nominations for the 2022 Car of the Year have been announced, with the list dominated by electric vehicles. The finalists have been whittled down from an original list ... Read more »

Jeremy Clarkson will not be stopping 'Grand Tour' anytime soon

Jeremy Clarkson has only gotten fitter with his work on the farm. Jeremy Clarkson is not about to quit Grand Tour anytime soon just because he's getting older. According to ... Read more »

These ‘Living Robots' Self-Replicate—and It's Not Terrifying

Douglas Blackiston and Sam Kriegman You might have missed the debut of the Xenobots last year when the world was falling apart, but they made quite a splash in the ... Read more »

Amazon Cyber Monday fashion deals are here: Save on sweaters, sneakers and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Cyber Monday 2021 is here and Amazon has all the fashion ... Read more »

The Best Cyber Monday Apple MacBook Deals At Best Buy

Get the Apple MacBook Pro 13″ display with touch bar from Best Buy. (Photo: Best Buy)” data-caption=”Get the Apple MacBook Pro 13″ display with touch bar from Best Buy. (Photo: ... Read more »

Scientists developed ‘living robots' that reproduce

The world’s first “living robots” are now capable of something that’s essential to the survival of any species: reproduction. Known as Xenobots, the organisms use an entirely novel form of ... Read more »

Realme GT 2 looks weirdly like the Google Pixel 6, according to leaked renders

When the Google Pixel 6 was unveiled lots of people mocked its weirdly-large horizontal camera bump – but apparently that didn’t put off Realme, as it sounds like the next ... Read more »

Even Dog Trainers Rave About This Shark Robot Vacuum Cleaner — and It's 50% Off for Cyber Monday

Shark AV1010AE IQ Robot Vacuum with XL Self-Empty Base Amazon If you thought all the deals ended with Black Friday, you're in luck: Cyber Monday is officially here, and Amazon ... Read more »

Best Cyber Monday Black Friday mobile and iPhone deals 2021: From Samsung Galaxy S20 to the iPhone 13 Pro Max

(Unplash) If you’re coming to the end of your phone’s contract you’re probably looking for a new SIM or SIM and handset deal. But trying to work out the best ... Read more »

Save nearly $500 during this epic Nectar mattress Cyber Monday sale

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. There’s plenty to be done while getting ready for the holidays—and ... Read more »

Twitter CEO, co-founder Jack Dorsey steps down from company after more than 15 years

After more than 15 years, Twitter co-founder and CEO Jack Dorsey is stepping down from his role. Read more »

You can get our favorite meditation app Headspace for 60% off during Cyber Monday—but only for today

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Now that Thanksgiving and Black Friday are over, if you’re like ... Read more »

Actor Jussie Smollett Heads To Trial To Face Charges He Lied To Police

Actor Jussie Smollett heads to a Chicago court Monday on charges relatedly to allegedly faking a hate crime nearly three years ago. The former “Empire” star, 39, has been charged ... Read more »

Princess Eugenie's in-laws' home where Jack Brooksbank will be spending more time

Princess Eugenie and Jack Brooksbank's family home with their baby boy August is perfectly located for the pair to visit both of their families. SEE: Inside Princess Eugenie and Jack ... Read more »

The best mattress-in-a-box brand we've tested is offering up to $600 off for Cyber Monday

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. We love a good night’s rest at Reviewed. Regardless of whether ... Read more »

The best robot vacuum Cyber Monday deals you can get on iRobot, Eufy and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Get your home holiday-ready by picking up a robot vacuum for ... Read more »

The best treadmill Cyber Monday 2021 deals from NordicTrack, Walmart, Amazon and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. If you’re looking to add to your home gym setup, Cyber ... Read more »

MyFico identity theft protection app review

Our series on identity theft protection apps will evaluate the features, pricing options, competition, and also the overall value of using each app. However, these are not full hands-on reviews ... Read more »

Shop the best iPad Cyber Monday 2021 deals at Apple, Amazon and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Apple iPads are the best tablets and a great holiday gift ... Read more »

Cyber Monday camera deals: Price drops from Sony, Fujifilm, Nikon and more

There are some great Cyber Monday camera deals this year, with the likes of Nikon, Fujifilm and Olympus cutting prices on their top models. Right now, our top deal is ... Read more »

Nintendo Switch Cyber Monday deals 2021: Best post-Black Friday offers on consoles, games and bundles

The discounts are rolling in like Mario does on his bike (iStock/The Independent) Cyber Monday is finally here, acting as the finale to the Black Friday bargain bonanza. The shopping ... Read more »

Nike Cyber Monday sale 2021: Best deals on trainers, tech fleeces, joggers and more

Prices have been slashed on footwear, apparel and accessories (The Independent) As the world's biggest supplier of trainers and athletics apparel, Nike has just about everything we want in a ... Read more »

Half-Life 3 isn't happening, rumor claims, but Valve could make a co-op spin for Steam Deck

Still thinking Half-Life 3 is in the pipeline for the future? Well, think again, according to the latest from the rumor mill. Tyler McVicker has a new YouTube video up ... Read more »

Wickr encrypted messaging review

Wickr is an anonymous and fully end-to-end encrypted messaging app. While there are a lot of communication apps out there, they don’t all have the advanced security features for calling ... Read more »

Can the omicron variant be detected by lateral flow tests?

Can the omicron variant be detected by lateral flow tests? Scientists have warned of a rapid increase in Covid-19 cases attributed to the new omicron variant, though most people are ... Read more »

Jack Dorsey is no longer Twitter's CEO — by choice, this time

Jack Dorsey is no longer the CEO of Twitter. Starting today, that title goes to Parag Agrawal, formerly the company’s Chief Technology Officer. Dorsey explained the reasoning for his departure ... Read more »

eBay slashes the Google Pixel 4a by £100 in Cyber Monday sale

Black Friday may have been and gone, but Cyber Monday is well and truly here – and there’s some great deals to be had across a range of tech over ... Read more »

Cyber Monday furniture sales: All the best deals from Wayfair, Overstock, Walmart and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Cyber Monday 2021 is officially here! If you’ve caught the redecorating ... Read more »

Cyber Monday PS5 UK restock news - as it happened

(The Independent) It is now over a year since Sony’s latest console, the PlayStation 5 (PS5), first arrived in the UK. But supply problems and a worldwide chip shortage sparked ... Read more »

23 new models and $18B: The staggering numbers behind Nissan's new all-electric plan

On Monday, Nissan its “Ambition 2030” grand plan, which — surprise, surprise — is all about electrification and sustainability goals. Too many pledges have been made, so we’ve broken them ... Read more »

Read Parag Agrawal's email to employees on becoming the new Twitter CEO

Twitter will soon have a new CEO. Indian-origin Parag Agrawal, who is currently the chief technical officer (CTO) of Twitter, will replace Jack Dorsey. Dorsey made the announcement in a ... Read more »

You can get a Solo Stove for 40% off during Cyber Monday

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Cyber Monday 2021 deals are here! There’s never been a better ... Read more »

What maps made by 20th century suffragists can teach us about holding leaders to account on climate change

The women’s suffrage movement was one of the most successful political movements in history. Picryl I’m a geographer who’s produced many maps depicting human effects on the environment – and ... Read more »

Score 30% off all Tuft & Needle mattresses during its amazing Cyber Monday sale

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Need help refreshing your sleep routine after daylight savings? Tuft & ... Read more »

Craig Revel Horwood Has A Prediction About This Year's Strictly Come Dancing Final

Craig Revel Horwood (Photo: SOPA Images via Getty Images) Craig Revel Horwood has picked the three couples who he thinks should make the final of this year’s Strictly Come Dancing. ... Read more »

Gordon Ramsay has the best response to Tilly's Strictly exit - proving they have the sweetest bond

Gordon Ramsay rushed to support his daughter Tilly following her exit from Strictly Come Dancing in Sunday's results show – and his message to her is so heartwarming. SEE: 7 ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic