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South Korea’s fifth largest conglomerate Lotte Group running businesses ranging from retail to hotel, chemical and food is expected to carry out a sweeping reshuffle of its senior executives – possibly replacing a quarter of 608 on the executive payroll – for a fresh start against challenging business environment from the surge of e-commerce.
According to industry sources on Sunday, Lotte Group is planning to hold board meetings at each of its business units on Thursday to announce its year-end management reshuffles. Almost 140 out of total 608 names – one out of four executives or doubled from past years – could be affected in response to sagging sales, sources added.
Who comes to deputy to the chairman and heads Lotte Shopping would be the highlight of the latest reshuffle.
Lottel Group has four business units of hotel and service, retail, food and chemical sectors, together with its holding entity. Vice chief positions currently are held by Hwang Kag-gyu, head of the group’s holding entity Lotte Corp., Song Yong-dok, head of hotel and service unit, and Lee Won-joon, head of retail unit, with some of whom said to step down in the planned reshuffle.
Lotte Group has been preparing the annual management shake-up since mid-September spearheaded by its group chairman Shin Dong-bin. The group kept changes to the minimum with 60 promotions.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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