Lotte chairman calls for sweeping reforms, proactive response to change in New Year's message

Lotte Chairman Shin Dong-bin urged sweeping reforms and stronger execution in key business sectors during his New Year’s message on Friday.

Lotte Chairman Shin Dong-bin [LOTTE]

Lotte Chairman Shin Dong-bin urged sweeping reforms and stronger execution in key business sectors during his New Year’s message on Friday.

“Uncertainty has become the norm due to persistent high inflation, interest rates and exchange rates, along with geopolitical risks and demographic shifts,” Shin said. “Now is the time to fundamentally restructure our core businesses.”

To overcome current challenges, Shin laid out three strategies: creating differentiated results based on autonomy, responding proactively to change and executing innovation with precision.

“Organizations grow when members identify and solve problems on their own,” he said. “Since individual competitiveness is the foundation of corporate strength, I urge you to break away from outdated practices and pursue growth.”

He warned that a passive, reactive attitude is insufficient in a fast-changing environment.

“We must anticipate changes, reassess our strategies and re-examine how we work,” he said.

Shin noted the transformative potential of AI, stressing the need to “internalize AI as a core competitive asset and lead the wave of change.”

Reflecting on key achievements last year, Shin highlighted Lotte Chemical’s new petrochemical complex in Indonesia, Lotte Wellfood’s new factory in Pune, India, Lotteria’s entry into the United States and Malaysia, and the expansion of Lotte Mall West Lake Hanoi as a new landmark in Vietnam.

“True growth and innovation must be rooted in our original commitment to delivering the highest value to customers,” he said. “Let us create a new chapter in Lotte’s history through bold thinking and execution.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom. BY LIM SUN-YOUNG [shin.minhee@joongang.co.kr]