Chairman Shin Dong-bin: "Let's Create a 'New Lotte' Through Change and Innovation"

Emphasizing the Will to Break the Existing Mold

Shin Dong-bin, Chairman of Lotte Group. (Photo by Lotte Holdings)

[Asia Economy Reporter Lim Chun-han] Shin Dong-bin, Chairman of Lotte Group, stated on the 2nd, “Market volatility and uncertainty worldwide are higher than ever,” adding, “The advent of a permanent crisis era makes us reflect on the things we have taken for granted and old habits. Let’s continuously change and innovate, challenge together, and create a ‘New Lotte.’”

In his 2023 New Year’s address, Chairman Shin quoted the founder, Honorary Chairman Shin Kyuk-ho’s words, “Self-innovation is indispensable for survival, and the key to growing a company is the courage to innovate,” saying, “In this unpredictable era of permanent crisis, if we continuously change, innovate, challenge, and strive together, this year will be the starting point for Lotte to take a leap forward as a new entity.”

Chairman Shin emphasized, “We must continuously change and strive to secure future growth engines in new areas,” adding, “It is important to have the will to break the existing framework and move forward rather than simply focusing on improving performance.” He continued, “With a long-term perspective looking 10 or 20 years ahead, please consider ways to enhance corporate value, transform customers’ lives, and make our society better. Even in an uncertain future, if we combine everyone’s wisdom and capabilities, we can create irreplaceable competitiveness in the rapidly changing global market.”

Chairman Shin said, “Young leadership that can invigorate the organization and a mindset that actively embraces new perspectives from outside are also necessary. Even if difficulties arise during the challenge process, I hope you develop flexible thinking to find new insights within them,” urging, “Please bring young leadership, an open mind, and flexible thinking.”

Regarding ESG (Environmental, Social, and Governance) management, Chairman Shin stated, “We must look in the same direction and move forward together, especially in difficult times. Just as our distribution affiliates worked together last year to help small and medium-sized partner companies develop overseas sales channels, we must sincerely consider ways to grow together with them,” adding, “Let us prioritize good values in decision-making across all business areas and walk toward the future with stakeholders including customers, shareholders, partners, and local communities.”

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