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▲ On the 13th, Lotte Chairman Dongbin Shin participates in the ‘2021 First Half Lotte Value Creation Meeting (VCM)’ held by video conference./Lotte Holdings |
[에너지경제신문 김아름 기자] Lotte Group Chairman Shin Dong-bin strongly ordered innovation in preparation for the post corona from the presidents of affiliates.
According to the Lotte Group on the 14th, Chairman Shin Dong-bin was the first management move in the new year at the ‘2021 Lotte Value Creation Meeting (VCM) in the first half of 2021’ held the day before, with 130 people including the CEO of each affiliate, Lotte Holdings, and BU executives in four divisions. He stressed that we must be thoroughly prepared for when the pandemic has stabilized after the second quarter of this year.” He said, “Companies that innovate in times of crisis have great growth after the crisis.”
This VCM was conducted in a non-face-to-face video conferencing method under the theme of’Rethink-Restart: Preparation for a new leap forward’.
Chairman Shin pointed out last year’s management performance, and said, “With Corona 19, the management indicators were sluggish than ever,” he pointed out as “a disproving that our potential is not being recognized in the market.”
This reflects the sense of crisis that discussions on ways to take a leap forward must be made in depth from various angles. Last year, all affiliates of the Lotte Group seem to have taken into account that all of their main sectors suffered poor performance as they faced the bad news of the Corona 19 pandemic amid the market economic recession.
At the same time, Chairman Shin asked, “What is the intrinsic competitiveness and core value of each company?” and said, “We must be able to present the company’s appearance to employees in 5 and 10 years.” Taking Nike as an example, he said, “(Nike) conveys the value of respect for athletes, not just excellent products, and has a strong brand power that no other company can match.” He emphasized that only if there is a value that is differentiated from it can be successful.”
In addition, he said, “There is no future or meaning for companies that are obsessed with survival or past success experiences,” he said.
It also ordered continuous investment and enhancement of execution power to achieve the future vision. Chairman Shin said, “We need to establish a vision from a future point of view and regularly recheck whether it meets the rapidly changing market environment. In particular, DT (Digital Transformation) and R&D investments to respond to digital innovation are essential, and brand reinforcement “We need to create differentiated corporate value through this.”
He also asked for an organizational culture that fits the new business environment, but Chairman Shin said, “In order to renew the corporate culture, we have carried out more organizational reorganizations and personnel than ever in the past two years.” “Some companies still have an authoritative culture. “He said.
He added, “In order to build a flexible and horizontal organizational culture that can adapt to the trend of the times, you have to change from the CEO,” he added. “Only then, we will be able to lead to changes in the entire organization of the company and the group.”
It also pointed out the strategic importance of ESG management. Chairman Shin said, “ESG elements must be taken into account when establishing a vision and strategy.” “You have to actively think about whether you want to create a society and what kind of social values can be provided.”
Finally, Chairman Shin concluded with encouragement, saying, “Even during the IMF and Lehman incidents, Lotte made meaningful results with a bold decision,” and “We have a’crisis DNA’ clearly.”