Seoul, South Korea – Lotte Group Chairman Shin Dong-bin has urged a radical overhaul of the conglomerate, emphasizing the need to swiftly restore the competitiveness of its core businesses and overcome the current crisis.

In his New Year's address, Chairman Shin stated, "We are refining our business portfolio to seek change and, at the same time, increasing the speed and efficiency of decision-making through organizational streamlining."

Anticipating a challenging year ahead, Shin warned of increased global uncertainty, a prolonged domestic market slump, and heightened economic volatility due to major countries' protectionist trade policies and shifting trade strategies.

To address these challenges, Shin stressed the importance of financial health and operational efficiency. He emphasized the need to proactively establish a financial strategy and enhance financial soundness. He also called on employees to improve individual work productivity by eliminating unnecessary tasks and streamlining processes.

The chairman also underscored the importance of customer-centric innovation, stating, "Customers are the foundation of our existence. The businesses that will lead our group's future must be those that meet customer needs. Let us continuously examine our businesses from the customer's perspective and seek new value to offer to customers."

Regarding the global market, Shin urged the company to develop innovative and differentiated values that only Lotte can offer and to enhance its brand value.

Additionally, he stressed the importance of AI integration, saying, "Let's focus on internalizing AI to create new business models and reduce costs."

"We have overcome numerous challenges and accumulated the DNA to turn crises into opportunities," Shin said. "Change and innovation may involve fear and pain, but overcoming these will allow us to grow further and achieve our goals."

[ⓒ Global Economic Times. 무단전재-재배포 금지]