New chapter begins for Lotte as second generation of Shin family emerges Top leadership roles are handed down to the second generation of the founding family
Translated by Ryu Ho-joung 공개 2021-03-30 08:07:13
이 기사는 2021년 03월 30일 07:51 thebell 에 표출된 기사입니다.
Lotte Group, one of the family-owned conglomerates in South Korea, is entering a new chapter in its growth as power is passed down to the founding family’s second generation.Shin Choon-ho, chairman of the country’s top noodle maker Nongshim, died Saturday of a chronic illness. His death came about a year after his oldest brother Shin Kyuk-ho, the late founder and honorary chairman of the Lotte Group, passed away in January last year.
Shin Kyuk-ho founded the Lotte Group in 1960s, with his four younger brothers helping him grow the conglomerate that now spans dozens of businesses from retail to food. Shin Choon-ho’s death has left only two remaining members of the founding generation – Shin Seon-ho, Japanese food company Sansa's president, and Shin Joon-ho, dairy company Prumil’s chairman.
The conglomerate had suffered from continued disputes between the founding brothers in previous decades, resulting in the spin-off of Nongshim and Prumil from the Lotte Group. However, with the second generation of the Shin family gradually taking on top leadership roles in businesses under Lotte’s umbrella, it is expected to see more cooperative relationship between them in the future, industry watchers said.
Shin Dong-bin, the second son of Shin Kyuk-ho, currently leads the Lotte Group. The conglomerate recently made major executive moves, giving more leadership roles to younger employees. In particular, the appointment of Kang Sung-hyun, who is 50 years old and previously worked at BCG, as head of supermarket chain Lotte Mart came as a surprise to many, reflecting the conglomerate’s commitment to reform and restructuring.
Nongshim is led by Shin Dong-won, the eldest son of the late chairman Shin Choon-ho. Shin Dong-won took over as chief executive in 2010. His two younger brothers are running Nongshim’s main affiliates, Youlchon Chemical and submarket chain Mega Mart, respectively.
“We will gradually expand our business to include nutritional supplement food, vegan food and meat alternatives,” said Shin Dong-won in the company’s latest shareholders meeting.
Purmil promoted Shin Dong-hwan, the second son of Shin Joon-ho, to chief executive in 2018. (Reporting by Kyu-seok Park)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
best clicks
최신뉴스 in 전체기사
-
- [한미 오너가 분쟁]새 경영진 임종윤·종훈 형제의 일성 "네버 어게인"
- JB금융, 얼라인에 판정승…이사회 2석만 내주며 선방
- [Company Watch]'TGV 첫 양산' 필옵틱스, 글라스 패키지 시장 선점
- 폴라리스오피스, 한국 AI PC 얼라이언스 참여
- 이에이트, 생성형 AI 접목 '스마트 팩토리 솔루션' 공개
- 일반석서 주총 관람한 한채양 이마트 대표, ‘책임경영’ 의지 피력
- AI매틱스-한국교통안전공단, AI 기반 버스 사고 예방 MOU
- [한미 오너가 분쟁]'임종윤·종훈' 형제의 승리, OCI-한미 통합 결렬
- 휴온스 이사회 입성한 오너3세, 경영 참여는 'NO'
- 필옵틱스, 업계 첫 TGV 양산 장비 공급