The Lotte Foundation held its 105th board meeting on the 7th and elected John Bong Cho, CEO of HDS Security, as the new chairman on the 8th.
Chairman Cho has been serving as a director of the foundation since his appointment last year.
Chairman Cho said, "I will do my best to contribute to the development of the foundation and the execution of its projects, remembering the original intentions of the late Shin Kyuk-ho, the founder of the Lotte Group."
It is reported that the former chairman, Lee Seung-hoon, who has led the foundation's projects, stepped down due to personal reasons.