LOTTE Corporation held its 58th regular shareholders' meeting on the 31st floor of LOTTE World Tower in Songpa-gu, Seoul, on the 26th.
Vice Chairman Lee Dong-woo of LOTTE Corporation noted in his welcoming remarks that they are accelerating their efforts to target the global market for a turnaround in performance and introduced the company’s global business achievements and plans.
Vice Chairman Lee disclosed plans to achieve sales based on the expansion of LOTTE Wellfood's overseas production lines, along with last year's overseas business performance of LOTTE Chilsung Beverage and LOTTE Shopping and strategies to enhance global market competitiveness to shareholders.
He stated, “We will secure profitability by strengthening our fundamental competitiveness through restructuring our business.” He also explained that they are accelerating the sale of non-core businesses based on the 'selection and concentration' strategy, including the ongoing Operational Excellence project of LOTTE Chemical, portfolio enhancement efforts, and the sale of LOTTE Rental's Cheongpyeong plant and Korea Seven automated teller machine (ATM) business.
He emphasized, “We will also strive to foster new growth engines to secure future sources of income.” LOTTE Biologics plans to enhance its business competitiveness by providing antibody-drug conjugate (ADC) contract development and manufacturing organization (CDMO) services starting in June at its facility in Syracuse, U.S.
LOTTE Global Logistics aims to strengthen management transparency and improve corporate credibility through an initial public offering (IPO) in the first half of the year.
During the shareholders’ meeting, four agendas were presented and approved as proposed, including the approval of financial statements, appointment of directors, appointment of outside directors as audit committee members, and approval of director compensation limits. As a result, Vice Chairman Lee Dong-woo was reappointed as an inside director of LOTTE Corporation, and Professor Seo Young-kyung of Yonsei University’s Graduate School of International Studies was newly appointed as an outside director and audit committee member.
Meanwhile, LOTTE Corporation installed a promotional video booth for introducing the group's four new growth engines in the lobby of the 31st floor of LOTTE World Tower, leading to the shareholders' meeting.