Lee Hoon-ki, President of Lotte Chemical, "Let's Lead Innovation and Change Different from the Past"

Business Structure Reorganization and Structural Improvement
Emphasizing Cash Flow-Centered Management

President Lee Hoon-ki is touring the eco-friendly specialty materials at the 'A VIEW' showroom of Lotte Chemical Uiwang Plant on the 2nd. Photo by Lotte Chemical

Lee Hoon-ki, President of Lotte Chemical, emphasized innovation and execution different from before in his first New Year's address after taking office.

On the 3rd, President Lee stated, "The difficulties in the business environment caused by rapid changes in the competitive landscape and geopolitical risks will continue for the time being," adding, "Let us drive change and leap forward for sustainability enhancement and growth by using innovation and execution unlike before as the driving force."

To this end, he called for innovative business structure reform and organizational improvement. President Lee presented the strategic direction to "redefine the strategy focusing on businesses to nurture and strengthen through portfolio advancement, improve profitability by enhancing operational efficiency of existing petrochemical businesses," and "increase the proportion of new businesses such as high value-added specialty and green materials, strengthen timely investment and execution capabilities in battery materials and hydrogen energy businesses, and discover additional future businesses."

He also emphasized cash flow?centered management, urging, "Let us drastically improve the company's overall cash generation capability by innovating costs and productivity in business operations, and optimizing working capital and investment expenses."

He further requested proactive response to market changes and practical management innovation in future technology businesses. He said, "We will thoroughly implement the vision, goals, and roadmap of ESG (Environmental, Social, and Governance) management, and seek mid- to long-term technical solutions for challenges that are difficult to solve with current technology, such as carbon reduction and RE100 (100% renewable energy)."

He also mentioned, "By actively utilizing generative AI technology, let us enhance the fundamental value of our business and maximize efficiency across all areas of company operations," and called to lead the role of a market game changer through AI transformation preparation.

President Lee encouraged employees by saying, "This is a time when innovation is required for both myself and the organization, and the agents of innovation are the employees and organizational culture," adding, "Let us become the protagonists who lead great change and leap forward through active communication and cooperation among employees, open-minded leadership, challenges, passion, and innovation."

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