Lotte Group at major crossroads
By Kim Yoo-chulKorea's retail giant Lotte is at a major crossroads, but Chairman Shin Dong-bin is determined to take the group's key businesses to the next level.The Lotte chief acknowledged the need for more investments and, according to people with knowledge on the matter, said he had the appetite for increased investments but under new leadership.A day before a scheduled board meeting of Lotte Corp., Lotte's holding arm, Hwang Gak-kyu, considered as the group's long-time No. 2 man, was stripped of his role as group vice chairman. The decision came as a surprise as the conglomerate has long been reluctant to sack top executives without a specific reason or timing.Lotte Chairman Shin Dong-binAt the time of the announcement, the Lotte chairman didn't say anything about Hwang's apparent sacking. But it seems quite evident that Shin was quick to recognize that moving on to that “next level” requires leadership with a different mindset and skill sets.Lotte Group's business profiles have been disastrous since 2015. In an apparent retaliatory measure after Korea's decision to
