Lotte Insurance Appoints New CEO Lee Myung-jae
[Asia Economy Reporter Ki Ha-young] Lotte Insurance announced on the 15th that it has appointed Lee Myung-jae, former CEO of Allianz Life Insurance, as its new CEO.
Today, Lotte Insurance held an Executive Candidate Recommendation Committee meeting and made this decision. At the end of this month, through a shareholders' meeting and board of directors meeting, Lee Myung-jae will be officially appointed as CEO.
Current Lotte Insurance CEO Choi Won-jin stated that he will resign as CEO after completing the strategy to enhance Lotte Insurance's value and the organizational restructuring, taking responsibility for the large-scale asset impairment and the decline in the Risk-Based Capital (RBC) ratio in 2020.
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A Lotte Insurance official explained, "The new CEO Lee Myung-jae is an insurance expert who served as CEO of Allianz Life Insurance for three years from 2013 and acquired advanced insurance management techniques over 13 years at the global insurance financial giant Allianz Group." He added, "He is the most suitable person to carry out JKL Partners' strategy to enhance the value of Lotte Insurance." Furthermore, "Based on the leadership he demonstrated while serving as head of Asia-Pacific and Korea representative of the global insurance group for a long time, he will lead a new leap forward for Lotte Insurance by providing competitive insurance services and realizing digital strategies."
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