Shin Dong-bin, Chairman of Lotte Group, Says "We Must Learn from Failure and Keep Challenging"

Shin Dong-bin, Chairman of Lotte Group.

[Asia Economy Reporter Lim Chun-han] Shin Dong-bin, Chairman of Lotte Group, stated on the 3rd, "Last year, we struggled to deliver new and beneficial value to customers and society by making big and small changes from systems to organizational culture," adding, "Although uncertainty continues, it is now time to create a foundation for a greater leap beyond business normalization."

In his New Year's address, Chairman Shin said, "The achievements we have made so far were possible because of numerous challenges and failures," and added, "Attempts at innovation are essential for future growth, but since we cannot rely on past successful methods, it is natural that the probability of failure is high. However, if we learn lessons from failure and continue to challenge ourselves, the possibility of seizing new opportunities will gradually increase."

Chairman Shin quoted Wayne Gretzky, considered the greatest player in ice hockey history, saying, "A shot that is not even attempted misses 100%," and stated, "Failure is a trace of having tried something, and I hope a creative challenge culture that does not fear failure will be established."

He emphasized, "We need openness that warmly embraces any talent," and said, "In a converged environment, a thorough performance-oriented culture must be established so that the best talents can demonstrate their capabilities regardless of seniority, gender, regional ties, or educational background. Diversity is our competitiveness and will be the source of our challenging energy."

Chairman Shin added, "Challenges must be supported by fast and accurate execution," and explained, "The recent reorganization into a Headquarters (HQ) system was to increase decision-making speed and strengthen execution. Only by transforming into a horizontal organizational structure centered on roles can we respond agilely to changes."

He stressed the importance of investing in future-critical capabilities, saying, "It is meaningless to achieve only short-term results without investing in brands, design, IT, and so on." He continued, "I hope each employee internalizes ESG (Environment, Social, Governance) activities on their own and practices them in their respective positions."

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