Seoul, South Korea – Lotte Group has announced a significant leadership overhaul, marking one of the largest-scale executive reshuffles in the company's history. The most notable change is the promotion of Shin Yoo-yeol, the eldest son of Chairman Shin Dong-bin, to the position of executive vice president.

The group announced the changes after holding board meetings for 37 affiliated companies. The reshuffle involves a 13% reduction in the overall number of executives and a 36% turnover among CEOs.

Key highlights of the reshuffle include:

Generational shift: The company is accelerating its generational change by retiring a significant number of executives aged 60 and above. Over 50% of executives in this age group are stepping down.
Focus on younger leaders: Lotte is appointing 12 new CEOs born in the 1970s, emphasizing a more meritocratic and youthful leadership.
Streamlining operations: The group aims to streamline its operations and improve decision-making through a reduction in the number of executives.
Third-generation succession: Shin Yoo-yeol's promotion signals a clear intent to groom the third generation of the Shin family for leadership roles.
Shin Yoo-yeol, who has been promoted three times in three years, will play a pivotal role in driving the company's growth in new businesses such as bio-CDMO and expanding into global markets.

The reshuffle is seen as a strategic move by Lotte to adapt to the changing business landscape and position itself for future growth. By promoting younger talent and streamlining operations, the group aims to enhance its agility and competitiveness.

[Copyright (c) Global Economic Times. All Rights Reserved.]