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[Alpha Biz=(Chicago) Reporter Paul Lee] It has been confirmed that Shin Yoo-yeol, executive vice president of Lotte Chemical, the third generation of Lotte Group, is receiving a separate business report from representatives of major affiliates. It is analyzed that Lotte is speeding up the succession of the third generation by establishing a new task force (TF) at the group level recently.
According to industry sources today (5th), Lotte Chemical Managing Director Shin Yoo-yeol, the eldest son of Chairman Shin Dong-bin, has been receiving reports from representatives of major companies to find out full-fledged work on the entire group since late last year. "As far as I know, the first report was completed in early April," a Lotte Group official said. "The report is separate from the management meeting chaired by Chairman Shin Dong-bin."
Shin Yoo-yeol, the eldest son of Lotte Group Chairman Shin Dong-bin, joined Lotte and Lotte Chemical in Japan in 2020 and has been promoted to an executive of Lotte Chemical since last year and has been in charge of the new business.
In August last year, he accompanied Shin Dong-bin on a business trip to Vietnam and showed his face in the distribution business. In September, he attended a Lotte-Nomura exchange meeting, showing his presence throughout the group's business.
Business activities are getting more active this year. Shin Yu-yeol attended the first meeting of Lotte Group's presidents earlier this year, and Bernard Arnault, president of Louis Vuitton Mo Hennessy, who visited Korea, was also seen next to Chairman Shin Dong-bin when he visited Lotte World Tower.
On top of that, the recent establishment of a "Future Growth TF" in Lotte Holdings has bolstered the analysis that it has begun preparing for a full-fledged succession. The TF, led by Lee Hoon-ki, head of the ESG Management Innovation Office, will be in charge of discovering the group's future food business and researching synergy between Korea and Japan.
The industry sees it as a TF to prepare for succession, given that it is a resolution TF similar to Shin Yu-yeol, who is in charge of new business.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
