Shin Dong-bin: "Let's Create 'Opportunity in Crisis'... Utilize AI Across All Work Areas"

Emphasizing Challenge and Innovation in the Gapjin Year New Year's Address
"Only Companies with Overwhelming Advantage Survive... Boldly Restructuring Business Models"

Shin Dong-bin, Chairman of Lotte Group, said on the 2nd, "To leap forward without resting on past successes, we must create opportunities amid crises."

In his New Year's address released that day, Chairman Shin emphasized continuous challenge and innovation to employees, stating, "Lotte Group's future growth can be determined by how we respond to the global complex crisis." He outlined four key areas to prepare in order to seize opportunities amid crises.

Shin Dong-bin, Chairman of Lotte.
[Photo by Lotte Holdings]

First, Chairman Shin stressed the advancement of core competencies in each business sector. He said, "In an uncertain business environment, only companies with overwhelmingly superior core competencies can survive," and urged, "Boldly restructure business frameworks to deliver differentiated value to customers." He also called for business innovation in response to the AI transition. Chairman Shin stated, "We must increase acceptance across all operations by utilizing already secured AI technologies," adding, "If we prepare ahead, we can become a new game changer."

Chairman Shin also called for building a creative and execution-driven organizational culture. He emphasized, "To overcome crises, the organizational culture must change to support innovation and encourage new attempts," and urged, "Eliminate prejudices against failure within the organization and create a culture that recognizes failure as part of the path to success." Regarding ESG management, Chairman Shin said, "Please establish and implement ESG strategies that resonate with our society."

While acknowledging that "this year's business environment will not be easy," Chairman Shin emphasized, "From a certain perspective, crises can become opportunities." He continued, "If we analyze reality coldly and continuously innovate through creative destruction, we can achieve abundant results this year as well," and said, "Do not fear the uncertainties of the era; follow the courage called possibility."

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