Lotte chief Shin stresses innovative new ideas, quality growth for long term

[Photo provided by Lotte Group]

South Korea’s fifth largest conglomerate Lotte Group chair Shin Dong-bin who has been emphasizing the importance of breaking down conventional approaches has ordered employees to cut bureaucratic red tape for innovative new ideas.

“Working like in the past is the easiest way but that way cannot bring us future we dream of. Work in new ways to make Lotte innovative,” Shin said during his first meeting for this year with CEOs of the conglomerate running businesses from food, retail and chemical to construction, manufacturing and service. He also emphasized on building a customer-centric company.

In show of commitment to innovation, Lotte Group last year carried out sweeping overhaul by recruiting new leadership for its mainstay units such as Lotte Department Store from outside the group, including ones from archrival Shinsegae Group.

“Do not satisfy with improved numbers like profit and sales,” Shin added, putting an emphasis on quality improvement such as through adding new customers.

During the meeting, CEOs shared their vision and mid- to long-term strategies for growth of each unit.

Lotte Institute of Economy & Business Strategy presented outlook for each industry this year and the way of innovation for the group. Design Management Center of Lotte Corp., the holding entity of the group, unveiled its operation rule and presented its plan for capacity building of the design team.

“What matters the most to make a capable company with promising future is the effort to enhance the corporate value in the longer term. It is important to nurture best talents for competitiveness, make investment to prepare for future and create good values in society,” Shin noted.

He cited three key strengths for leaders pursuing innovation – insight to make new ways based on understanding of the future, determination to take an unexplored route, and initiative to lead all employees to the goal.

“Put priority on what we must do, rather than what we better do,” Shin stressed.

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