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| Lee Dong-woo, CEO of Lotte Holdings (left), meets shareholders after the 54th regular shareholders’ meeting held at Lotte World Tower in Songpa-gu, Seoul on the 26th, and exchanges business cards and greets them. © News1 |
“I deeply sympathize with the point you pointed out. We will reflect on and improve the wrong part, not passing words. We will show a different look at next year’s shareholders’ meeting. I’m sorry.”
Lee Dong-woo, CEO of Lotte Holdings. At the 54th regular shareholders’ meeting held at Lotte World Tower in Songpa-gu, Seoul on the 26th, when bitter voices from shareholders poured out, he bowed down, saying, “I will accept it with a humble attitude.” After taking office as the CEO, it was the first shareholder meeting to hold a fierce reporting ceremony.
◇ Respond to the bitter sound
Shareholders who attended the shareholders’ meeting on this day criticized Lee with bitter voices as if they were desperate.
Shareholder No. 6 said, “Lotte’s trend is the same as’two eight years’, and Lotte On (ON) is honestly grieved (not good).) “It is not a neighborhood dumpling store, and Lotte doesn’t seem to be able to read the trend of the times at all.” Built. He said, “It is not a problem to keep the dividend stable,” he said. “There is a saying that Lotte’s largest enemy is the number of employees, but please be good at managing the employees.”
Responding to this, Lee replied, “I will try harder on the part that communicates with the staff,” and “I will reflect on the wrong part and improve it.”
After that, there was a bitter voice saying,’Please create a company you want to invest in’ or’The market capitalization is lower than that of Coupang’.
However, Lee responded faithfully to each question without being shaken. He said, “We are carrying out various businesses such as multi-purpose shopping malls, food, and silver business in preparation for the growth of the elderly. We are researching new business models such as bio, smart mobility, and electric vehicle battery business, and I think we will be able to achieve tangible results. “He explained.
“The management is fully aware that there are many dissatisfaction with the stock price,” he said. “We are seeing a rebound in earnings this year, and we will increase the profits of the holding company by purchasing additional shares in subsidiaries with good performance such as Lotte Chemical and Lotte Food.” He emphasized.
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| Lee Dong-woo, CEO of Lotte Holdings (right), listens to shareholders after the 54th regular shareholders’ meeting held at Lotte World Tower in Songpa-gu, Seoul on the 26th. © News1 |
◇”Next year’s stockholders’ meeting will be opened with improved performance”
In the case of the founder Gyeok-ho Shin, the founder, the 6th shareholder, in the case of the founder, has created (raised) the company, but now Lotte is not, and it is pointed out that the direction is only directed toward mergers and acquisitions (M&A).
CEO Lee said, “It is not the only way to operate a company,” he said. “We are also reviewing the efficiency of existing business and are well aware of the difficult situation of Lotte On, so we are looking for an improvement scenario.”
Shareholder No. 8, who identified himself as a shareholder in his 20s, demanded a renewal of Lotte’s image. He pointed out, “From the point of view of the 20s, Lotte seems to be a company without a’pro-Japanese’ image, change and renewal. This is similar to the job market, and recently young people prefer startups such as Naver, Coupang, and the people of delivery,” he said. .
“It is funny that the asset value is high, but the market capitalization of a huge company called Lotte does not even reach Coupang.” “In addition to creating a corporate image that can embrace young people and change,’Lotte’ is a company for Korea. , I hope to become a company with potential for development.”
In response, Lee replied, “I agree with 99%, but I do not agree with the 1%, pro-Japanese company,” and replied, “We are listening to the points of young people through various channels, so we will establish detailed plans for improvement.”
Other shareholders’ criticism continued. Shareholder No. 9 appealed, “Six years have passed since Lotte converted to a holding company system, but it is completely dying so far (it is struggling),” and said, “We don’t need anything else. Please raise the stock price.”
In response, CEO Lee replied, “I deeply sympathize with and apologize.”
Shareholder #4 ordered, “Excluding Lotte, the five major groups are building their own competitiveness, but Lotte doesn’t seem to be doing it.”
CEO Lee said, “The mid- to long-term achievements rather than short-term achievements are the most talked about in internal meetings,” he said. “We will take it deeply into the heart so that we can achieve results.”
Lastly, CEO Lee said, “I apologize as the CEO for the comments of the shareholders pointed out at the general shareholders’ meeting.”
Lee, who answered individual questions sincerely, did not leave immediately after the shareholders’ meeting was over, but stopped the steps of shareholders who complained about their dissatisfaction.
CEO Lee, who delivered his business card and gave greetings, listened seriously to shareholders’ complaints for about 5 minutes and then left after promising “I will do my best” and “I will show a different image.”