Chairman Shin Dong-bin, "Focus Investment on Creating New Markets and Customers" ... Emphasizing 'Innovation'

Discussion on Strategies and Challenges for Increasing Corporate Value at the First VCM of 2022

Lotte held an opening ceremony for the Lotte Human Resources Development Institute Osan Campus located in Osan, Gyeonggi-do on the 20th. From the left in the photo are Ha Seok-ju, CEO of Lotte Construction; Lee Young-gu, General CEO of Lotte Food Group; Kim Kyo-hyun, General CEO of Lotte Chemical Group; Song Yong-deok, CEO of Lotte Holdings; Shin Dong-bin, Chairman of Lotte; Baek Ju-hwan, Canon Korea employee (representative of new employees); Lee Dong-woo, CEO of Lotte Holdings; Kim Sang-hyun, General CEO of Lotte Distribution Group; and Ahn Se-jin, General CEO of Lotte Hotel Group.

[Asia Economy Reporter Jo In-kyung] Shin Dong-bin, Chairman of Lotte Group, emphasized the importance of talent management along with repeated calls for challenges to the future and bold investments.

On the 20th, Lotte held an opening ceremony for the Lotte Human Resources Development Institute Osan Campus, attended by about 70 people including Chairman Shin, heads of each business division, representatives of Lotte Holdings and affiliates, followed by the 2022 first half VCM (Value Creation Meeting).

At this VCM held under the theme of 'New Lotte, Innovation,' the Lotte Future Strategy Institute presented industry-specific outlooks for this year and the group's innovation execution directions. The Design Management Center announced 'Design-Driven Innovation' as its operating principle and proposed measures to strengthen the design organization’s capabilities. Group management plans, business strategy directions, and HR strategies for future growth were also intensively discussed. Specific topics included portfolio advancement plans, discovery and nurturing of new growth engines, as well as measures to strengthen HR competitiveness such as building a change-driven corporate culture, future-oriented workforce structure, and supplementing future value evaluation systems.

Chairman Shin stated, "Efforts to enhance corporate value in the mid-to-long term are key to creating a capable company with promising future growth," emphasizing, "It is important to secure competitiveness through talent development, invest to prepare for the future, and create socially good values." He added, "I will also change the concept of performance that we have thought about so far," and said, "Please do not be satisfied just because sales and profits have improved compared to the previous year as in the past."

To this end, he ordered a focus on investment in creating new markets and customers. Chairman Shin said, "We must focus investments on creating new customers and new markets through future-oriented management by reading changes in the times," and urged, "Always prioritize thinking about how to acquire new customers." He also added, "We must sincerely consider how to improve the lives of our customers and the environment around them," and "Good values must be considered in all our decision-making."

As the three powers a leader must have for innovation, he cited insight to understand the future and create new paths even if difficult, decisiveness to boldly step onto paths no one has taken before, and strong driving force to lead all employees and give their best until the goal is reached. Chairman Shin urged CEOs, "Please think and execute the things that must be done as the most important rather than things that are just good to do."

He also brought up the group slogan again, 'Renew Today, Benefit Tomorrow.' Chairman Shin said, "Working in the same way as in the past is the easiest, but we cannot create the future we dream of that way," and urged, "Work in new ways and create an innovative Lotte."

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