Dongwoo Lee, CEO of Lotte Holdings, "Will Create a Turning Point for Rebound This Year"

Regular shareholders' meeting held at Lotte World Tower, Songpa-gu, Seoul.

[Asia Economy Reporter Lim Chun-han] Lee Dong-woo, CEO of Lotte Holdings, stated on the 26th, "This year, we will concentrate all the group's capabilities to create a turning point for a new leap forward."

At the regular shareholders' meeting held at Lotte World Tower in Songpa-gu on the same day, Lee said, "We will thoroughly review the strategic significance of each business and whether synergies are being created to advance into a sustainable growth business portfolio," adding, "In the process of implementing these strategies, we will execute them under a mid- to long-term strategy without focusing solely on short-term results."

Lee also revealed, "We are researching new business models such as bio-business, smart mobility, and electric vehicle battery businesses." This statement is interpreted as a reaffirmation of Lotte Group's business commitment to recently explored fields such as bio-business, smart mobility, and electric vehicle batteries.

Last year, Lotte Fine Chemical acquired shares in Doosan Solus, and industry insiders view Lotte Group's participation in investing in Doosan Solus, a producer of copper foil used as an anode material, following Lotte Aluminum's expansion of its battery cathode foil production line, as a move to strengthen its battery materials business.

Lotte Holdings is seeking to enter the bio-industry through investment in Enzychem Lifesciences, a KOSDAQ-listed company. Lotte Data Communication Company is expanding its smart mobility business, including demonstrating autonomous driving commercialization in Sejong City last year.

Lee said, "We will expand investments in the Lotte brand and research and development so that corporate value and potential can be properly evaluated in the market," and added, "We will communicate with younger generations to improve Lotte's image."

Meanwhile, at the shareholders' meeting, Lotte Holdings appointed Choo Kwang-sik, head of the Financial Innovation Office at Lotte Holdings, as an inside director, and Kim Chang-soo, professor of business administration at Chung-Ang University, as an outside director and audit committee member.

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