April 20, 2024

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[THE INVESTOR] Lotte Group will carry out a major reorganization and executive reshuffle over the next few weeks, local media reported on Dec. 21.

According to reports, the group plans to realign its 94 subsidiaries by industry, and transfer a significant portion of the policy headquarters’ functions to the new divisions. 

The group is also said to be considering reducing the policy headquarters, which was at the heart of the scandal surrounding the group’s companies and the founding family.

The report claimed that Lotte Group is planning to roll out the changes, and to conduct the executive reshuffle soon.

The new divisions are likely to be food and beverage business, retail, tourism and service, finance and one grouping together construction, chemical and manufacturing companies.

At present, Lotte Group counts 12 subsidiaries involved in food and beverages, 14 retail-related firms, and 39 tourism and service providers. Companies in construction, chemical and manufacturing sectors number 18.

By Choi He-suk (cheesuk@heraldcorp.com)