Lotte CI

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South Korea’s Lotte Group on Wednesday replaced 20 chief executive officers (CEOs) across its affiliates, amounting to one-third of all chief executives.

Following last year, weak performance continued into this year, prompting the group to carry out a sweeping leadership reshuffle across key business units such as retail and construction. The move is seen as Chairman Shin Dong-bin’s decisive action at a time when restoring competitiveness in major businesses has become urgent.

The group also carried out a generational shift by retiring half of its executives aged 60 or older. The owner family’s control, at the same time, has been further strengthened.

Shin’s eldest son, Shin Yu-yeol, executive vice president of Lotte Corp., will assume the role of co-CEO of Lotte Biologics and also oversee the holding company’s strategic control unit, stepping into a more prominent management role.

Lotte also held board meetings at 36 affiliates on Wednesday, including the holding company, and finalized this year’s regular executive reshuffle.

Lotte appointed President Go Jung-wook and President Roh Jun-hyung as co-CEOs. Go will lead financial innovation while Roh will oversee business portfolio restructuring.

Several long-serving senior executives stepped down, including Lotte CEO Lee Dong-woo and Lotte E&C President & CEO Park Hyun-chul.