"Need to Reassess Business Strategy"…Shin Dong-bin Chairman Calls Emergency Management Meeting

[Asia Economy Reporter Seungjin Lee] Shin Dong-bin, Chairman of Lotte Group, convened an emergency management meeting on the 24th to respond to the novel coronavirus infection (COVID-19).

The meeting was separately convened by Chairman Shin, who is currently staying in Japan, and was held via video conference with key executives from Lotte Holdings and business units (BUs) in attendance. The meeting discussed strategies to overcome the crisis caused by COVID-19.

Since January, Lotte Group has been operating a COVID Response Task Force (C-TFT). However, due to the global spread of COVID-19 and the expectation that the economic crisis will be prolonged, a sense of urgency that thorough preparation is necessary for survival led to the convening of this meeting.

Chairman Shin urged during the meeting, "In the current situation where the global economy is shaking, all group affiliates must continuously monitor domestic and international conditions and review business strategies."

He added, "Although it is a crisis now, the period after the COVID-19 situation settles is more important," emphasizing, "Since an unprecedented crisis is expected, we must effectively change our business strategies to enable sustainable growth."

Chairman Shin stated, "Above all, the most important thing is to maintain a system that allows employees to faithfully perform their duties," and requested, "Please create an environment where employees can work with peace of mind."

According to Lotte Group, Chairman Shin emphasized the need to ensure a stable working environment so that employees do not become unsettled amid difficult circumstances.

Lotte Group is currently analyzing the impact of the prolonged COVID-19 situation on the second and third quarters of this year. Based on this, they plan to review revisions to the group’s management plans if necessary.

They have also established financial management guidelines and are providing them to all affiliates, continuously monitoring each company’s situation. The Lotte Future Strategy Institute is reportedly predicting changes in the market environment after the COVID-19 crisis and preparing countermeasures accordingly.

Meanwhile, in mid-January, Lotte formed and activated the 'C-TFT,' composed of key executives and staff from Lotte Holdings and BUs. The C-TFT operates as an emergency response committee, meeting regularly and convening as needed to discuss measures, enabling rapid response to issues.

This content was produced with the assistance of AI translation services.