Hwang Gak-gyu, Lotte Vice Chairman, "Announced Resignation at End of Last Year... Time to Give Opportunities to Successors"

[Asia Economy Reporter Seungjin Lee] Hwang Gak-gyu, Vice Chairman and CEO of Lotte Holdings, who recently decided to step down from the front lines of management, stated on the 25th, "I expressed my intention to resign to Chairman Shin Dong-bin at the end of 2020, and I am retiring in accordance with the current management environment."

In a letter sent to acquaintances on the morning of the same day, Vice Chairman Hwang explained the background of his sudden resignation. Lotte Holdings held a board meeting on the 13th and approved the personnel changes including Hwang's resignation, appointing Lee Dong-woo, CEO of Lotte Hi-Mart, as his successor.

In the letter, Vice Chairman Hwang reflected on his career with the Lotte Group, starting from his entry as a field engineer at the Yeocheon plant of Honam Petrochemical, the predecessor of the current Lotte Chemical, in 1979 until recently. He said, "Lotte Group's sales, which were about 6 trillion won in 1995, have now grown to over 70 trillion won," adding, "This history of growth was possible thanks to the seniors and juniors who have been part of the group and everyone who helped from outside the group."

Vice Chairman Hwang also revisited the group's crisis situations. He emphasized, "The group has been and continues to be significantly affected by recent succession disputes, the 2017 Terminal High Altitude Area Defense (THAAD) issue, the 2019 Korea-Japan conflict, and the 2020 coronavirus," and added, "We are at an important point due to demands for new business creation driven by digital innovation."

He explained that he had already expressed his intention to resign at the end of last year, well before the board meeting, to give opportunities to the younger generation, and that he is now retiring in accordance with the management environment.

Meanwhile, according to the board's resolution, Vice Chairman Hwang will only serve as the chairman of the Lotte Holdings board starting from the 1st of next month.

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