[THE INVESTOR] Lotte Chairman Shin Dong-bin hosted an IR session for major Japanese financial institutional investors in Tokyo, the Korean retail giant stated on July 11.
The group of more than 60 investors he addressed included Nomura Securities, Mizuho Bank and Sumitomo Mitsui Banking Corp.
Shin emphasized that the conglomerate’s transformation to a holding company system will promote management transparency and build an organization that can flexibly respond to changes.
“It was regrettable that last year we could not hold a meeting that has been held over the past two decades,” he said.
The chairman vowed to secure a transparent governance structure so that the company can continue to grow as a trusted company, and to maximize synergy effects with Lotte Japan.
Lotte is facing a number of difficulties, such as ongoing trials of its owner families and aftermath of THAAD row, acknowledged Hwang Kag-gyu, head of Lotte Corporate Innovation Office. However, it is striving to overcome them through continued innovation, aggressively expanding overseas to strengthen global competitiveness, investing in chemical business, and introducing AI projects, he elaborated.
Lotte Holdings Japan’s operating profit in 2016 hiked 16 percent to 26.6 billion yen (US$233.14 million) from a year ago, added an official.
Shin has been overseeing operations in both countries since 2015 and cemented his top position when his father and group founder Shin Kyuk-ho resigned from Lotte Holdings Japan’s board of directors in 2015.
By Hwang You-mee (email@example.com)