The 2024 appointment of Jung Ho-seok, vice president and head of Lotte Corporation’s business support division, as the new CEO has fueled fears among employees of an impending wave of restructuring.
On Sunday, a blind app that is only available to Lotte Group employees was inundated with frustrations from Hotel Lotte employees since the new CEO appointment on November 28th, 2024. One employee questioned the rationale behind the frequent leadership changes, saying, “I have no idea what the criteria are for these CEO replacements.”
A second employee expressed frustration, saying that they were abruptly instructed to reduce staff numbers at headquarters without exception, leading to seemingly haphazard reassignments. The employee also noted that, despite earlier assurances against early retirements, they were now feeling pressured into accepting them, adding that personnel announcements had become a source of anxiety.
Hotel Lotte operates three main business divisions: hotels (including resorts and golf courses), duty-free shops, and attractions such as Lotte World Adventure, Lotte Water Park in Gimhae, and Lotte World Aquarium. Among these, the duty-free division, which contributes the majority of Hotel Lotte’s revenue, has struggled, thus impacting the company’s overall performance.
A Lotte Group insider explained that, apart from duty-free shops, the hotel sector had performed well in 2024 to date, but the overall sentiment was one of disappointment. The insider also mentioned that the annual changes in leadership had severely disrupted organizational morale.
Hotel Lotte has changed CEOs every year for the past five years. Since Kim Jeong-hwan’s tenure from 2017 to 2019, successors Kim Hyun-sik, Ahn Se-jin, Lee Wan-shin, and Kim Tae-hong have all served for less than two years.
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