Chairman Shin Dong-bin Holds Executive Meeting at Talent Development Center Today... Launching 'Talent Management' Initiative

[Asia Economy Reporter Jo In-kyung] Shin Dong-bin, Chairman of Lotte Group, will preside over the first half VCM (Value Creation Meeting - Executive Meeting) at the Lotte Human Resources Development Institute in Osan, Gyeonggi Province on the afternoon of the 20th to discuss this year's business strategies.

The meeting will be attended by about 50 people, including Song Yong-deok and Lee Dong-woo, Vice Chairmen of Lotte Holdings, representatives of headquarters (HQ) for food, shopping, hotel, and chemical business groups, and heads of each affiliate. Kim Sang-hyun, who is set to take office next month as Head of the Distribution HQ and Vice Chairman of Lotte Shopping, and Bae Sang-min, Head of the Design Management Center (President), who was recruited last year, will also attend. Planning executives from each affiliate will participate in the meeting online.

Since the first half meeting held at Lotte World Tower in Jamsil, Seoul in January 2020, Lotte has reduced the number of offline attendees at the VCM and switched to non-face-to-face video meetings due to the spread of COVID-19.

In particular, the decision to hold the meeting at the Lotte Human Resources Development Institute in Osan, rather than the headquarters at Lotte World Tower in Jamsil, reflects Chairman Shin’s strong commitment to talent management. In his New Year's address this year, Chairman Shin emphasized the importance of talent leading the group, stating that "a thorough performance-oriented culture must be established so that the best talent can demonstrate their capabilities."

The Lotte Human Resources Development Institute was established in 1993 as a talent development facility of Lotte, on land donated by the late honorary chairman Shin Kyuk-ho, the founder of Lotte, who purchased the site with his personal assets. It was rebuilt starting in August 2019 with an investment of about 190 billion KRW.

VCM participants will review last year’s business performance and discuss this year’s economic outlook and business plans by business group. As Chairman Shin emphasized proactive action for innovation at the beginning of the year, he is expected to issue strong directives on specific execution plans for new business investments, organizational culture improvement, and overcoming performance crises.

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