Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Lotte’s heir apparent moves to tighten grip on group
Shin Yoo-yeol, senior vice president at Lotte Group / Courtesy of Lotte Group
By Lee Min-hyung
Shin Yoo-yeol, the heir apparent of Lotte Group's owner family, will be in charge of finding the firm’s next growth engines and mapping out its medium- to long-term vision, the company said Wednesday during a year-end reshuffle of top management.
According to the group, Lotte established a future growth division dedicated to managing the firm’s next revenue streams, such as bio and health care, and looking for its next cash cow. The third-generation member of Lotte Group's owner family will stand at the forefront in driving the unit.
Shin will also take on a role as head of Lotte Biologics’ global strategy division. The bio arm of Lotte is considered one of the group’s next major growth areas.
The promotion is seen by many as a generational shift within the group, enabling him to tighten his grip in key sectors.
Shin started his career at Nomura Securities and worked at the company for more than a decade between 2008 and 2018. It has been about three years since he joined Lotte. He has since risen through the ranks quickly to reach the executive level. While working at Lotte Chemical for the past year, he drove a major turnaround of his new business unit. Recognized for his achievement, the company promoted him to the higher-ranking position.
The eldest son of Lotte Group Chairman Shin Dong-bin, the scion has been making more public appearances at major group events. In September, he was seen joining an opening ceremony for Lotte Mall Lake Hanoi in Vietnam.