"Doing Essential Tasks Timely," Chairman Shin Dong-bin Emphasizes at Second Half VCM (Comprehensive)

"Good management means doing what is necessary at the right time" emphasized
Explaining the significance of VCM Busan, urging group-wide support for hosting the 2030 World Expo
Calling for "global competitiveness to overcome crises"... Emphasizing leadership that drives change

(Fifth from the left) Park Hyung-jun, Mayor of Busan, Shin Dong-bin, Chairman of Lotte, and others are taking a commemorative photo in front of Bellygom installed at Signiel Busan on the 14th to wish for the successful bid of the 2030 Busan World Expo.

[Asia Economy Reporter Yuri Kim] Shin Dong-bin, Chairman of Lotte, emphasized "Do the right thing, at the right time." at the 2022 second half VCM (formerly the CEO meeting) held in Busan on the 14th, meaning to accomplish what is necessary in a timely manner. He urged to carefully consider the right thing that must be done and to execute it at the right time.

Chairman Shin stated that an important virtue of a CEO is to establish the company's vision and strategy and to implement them, and requested to redefine them if necessary. He especially emphasized leadership that drives the changes needed to execute the new vision and strategy.

At this VCM, Lotte focused on discussing mid- to long-term strategies and tasks for each business sector to respond to the rapidly changing global market crisis and to enhance corporate value.

Chairman Shin said, "Holding the VCM in Busan is to support the bid for the 2030 World Expo Busan," and asked all attendees to cheer and work hard for the Expo bid, urging group-level support for this national event.

He continued, "In a situation where the economic crisis continues due to interest rate hikes and stagflation, if we settle for short-term performance improvements such as sales and operating profit, a bigger crisis will come," repeatedly emphasizing the need for change.

Chairman Shin first presented market capitalization as the most objective indicator to measure corporate value, and urged, "Please consider how the capital market evaluates us and what must be done to achieve the desired growth and profit." He requested, "Please closely examine companies that are receiving positive evaluations for future growth potential in the capital market."

He added, "A good company is one that has global competitiveness to compete in the world market," and reiterated, "To have global competitiveness, fundamental changes in business methods beyond the existing framework are necessary."

He also introduced examples of fundamental changes being promoted within the group. He mentioned the merger of Lotte Confectionery and Lotte Food to create synergy in the food business sector, the shift to a category-centered business structure such as lifestyle and grocery in the distribution business sector, the expansion of specialty proportions through new businesses like hydrogen and battery materials in the chemical business sector, and the improvement of business structure in the hotel business sector, urging changes focused on enhancing corporate value.

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