"Lotte's No. 2 Hwang Gak-gyu Resigns as Vice Chairman... Steps Down from Frontline Management"
[Asia Economy Reporter Seungjin Lee] Hwang Gak-gyu, Vice Chairman and CEO of Lotte Holdings, who is known as the closest aide to Shin Dong-bin, Chairman of Lotte Group, and the 'second-in-command' of Lotte Group, is stepping down from the frontline of management.
According to business circles on the 13th, Lotte Holdings is scheduled to hold a board meeting this afternoon to carry out high-level personnel changes, including Hwang's resignation.
At the end of last year, Chairman Shin's Supreme Court ruling was finalized, and this year, amid the COVID-19 pandemic, there have been calls for organizational reform.
Lee Dong-woo, CEO of Lotte Himart, is reportedly the leading candidate to succeed Hwang.
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Hwang joined Honam Petrochemical (now Lotte Chemical) in 1979 when it was acquired by Lotte and has thrived as a 'Lotte man' for over 40 years. He is considered one of Chairman Shin's closest aides, having stayed by his side for more than 30 years.
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