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| Lotte Group Chairman Shin Dong-bin attended the second half of 2020 VCM held in the form of a webinar at Lotte World Tower in Jamsil, Seoul in July of last year. © News1 |
Lotte Group held a Value Creation Meeting (VCM) in the first half of the 13th and began to share its mid- to long-term strategy this year. In this VCM, which is held amid the prolonged corona 19 (new coronavirus infectious disease) situation,’crisis management’ and’new growth engine’ to discover the food industry in the future are the main topics.
Lotte Group is conducting VCM for the first half of the year, presided over by Chairman Dong-bin Shin at 2 pm on this day. About 100 people, including representatives of each affiliate, Lotte Holdings, executives in four business units (BU), and executives in charge of strategic planning, participated to share the previous year’s business results and new year’s business plans.
This conference was held in the form of a non-face-to-face video conference’web seminar (webinar)’ using the video conference solution’WebEx’ according to the quarantine guidelines. At VCM in the second half of last year, video conferences were held in small groups at three bases: Jamsil, Sogong-dong, and Yangpyeong, but this year, all of them were broadcast live in real time at each office without moving.
The meeting is in line with what President Shin revealed in his New Year’s address. As Chairman Shin emphasized the creation of synergy at the group level based on voluntary participation and strong execution power in the New Year’s speech, it is expected to re-emphasize this to executives and employees.
Earlier, Chairman Shin ordered, “When the economy regains vitality, we need a prepared attitude and an active and voluntary attitude to respond immediately.”
In particular, as Chairman Shin emphasized’creating synergy at the group level,’ there is a prospect that he will seek a’new management strategy’ that combines the work of distributed affiliates and drastically reduces unnecessary procedures.
Earlier, Chairman Shin pointed out, “It is necessary to look back on whether our core competencies have been functioning properly.” Based on one competency, we must prepare a countermeasure against risk factors that have been overlooked so far.”
In addition,’ESG’ for symbiosis with society is also dealt with as a major issue. As ESG has emerged as a major issue in the business world, Lotte Group, the fifth largest business world, is also interpreted as an intention to fulfill its corporate social responsibility.
As CEOs in their early 50s were advancing in their regular executive greetings last year, they are expected to give encouragement to them and to deliver a request. Previously, the Lotte Group performed a renewal greeting by replacing affiliates such as Lotte Chilsung Beverage, Lotte Mart, Lotte Food, Lotte Chemical, Lotte GRS, and Lotte Information and Communication.
A Lotte Group official said, “As it is the first VCM to be held this year amid the Corona 19 crisis, it is expected that overcoming the crisis and the mid- to long-term business vision will be shared.”