Lotte Vice Chairman Kang Hee-tae Also Appointed CEO of Lotte Asset Development... Revising Survival Strategy

Resolution at the Shareholders' Meeting on the 29th
Preparing for the Post-Corona Era
"Proactive Organizational Restructuring and Business Reorganization"

[Asia Economy Reporter Cha Min-young] Going forward, Kang Hee-tae, Vice Chairman and Head of Lotte Group's Retail BU (pictured), will concurrently serve as CEO of Lotte Asset Development.

Lotte Asset Development announced on the 29th that at the shareholders' meeting, it resolved organizational restructuring and business reorganization plans to prepare for the post-COVID-19 era, including this change.

Vice Chairman Kang Hee-tae will lead Lotte Asset Development as CEO, directing synergy creation plans at the Retail BU level and future businesses. In preparation for the post-COVID-19 era, he will adjust business directions and devise survival strategies for offline retail businesses, including organizational restructuring suited to the new normal, the standard of the new everyday life.

Lotte Asset Development aims to overcome the crisis caused by the novel coronavirus infection (COVID-19) early through business reorganization and proactively respond to the future. It will seek ways to improve the profit structure and maximize long-term group synergies.

Lee Kwang-young, who has led Lotte Asset Development since 2017, will move to the Lotte Future Strategy Research Institute and perform related tasks based on his experience in real estate development projects and MD. His position and title are yet to be determined.

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