In the past, most corporations in Korea moved on the strong leadership and decisiveness of their founders. Samsung led by Lee Byung-chul and Hyundai led by Chung Ju-yung were prime examples. But as they now compete for the top spot in the global market, these corporations have grown so large that it is difficult for the owner alone to be responsible for management. The role of the so-called "keyman," who manages each field from the closest seat to the owner and plays a key role in final decision-making for the future, has become more important. We introduce the keymen of major corporations leading Korea's economy and examine the roles and tasks given to them. [Editor's note]
On Nov. 26, 2025, when Lotte Group announced its "2026 regular personnel appointments," attention among Lotte employees focused on CEO (president) Noh Jun-hyung. That was because he was the new face to lead Lotte. In Lotte's year-end reshuffle, all six vice chairmen who had led the group stepped down. The long-standing business unit system (BU system/HQ system) was also abolished. Instead, alongside Chairman Shin Dong-bin, Noh Jun-hyung, responsible for strategy and planning, and Ko Jeong-wook, responsible for finance and innovation, were seated. The appointments reflected an intention for Chairman Shin and professional managers to work in sync to move Lotte Group forward.
In business circles, the assessment was that Lotte Group would now be able to run the corporation according to Chairman Shin's wishes. That is thanks to the disappearance of unnecessary conflicts between the business units and the holding company. A Lotte Group official said, "In the past, there were often invisible power struggles between affiliate CEOs who wanted to report directly to Chairman Shin and the holding company that blocked them," adding, "Those who knew Lotte's past inside out have all stepped down, and with the personnel lineup changed to new faces, the foundation has been laid for decision-making at Lotte that is different from before."
◇ Light political color, proven practical skills
According to related industries on the 5th, Noh Jun-hyung, who oversees strategy and planning at Lotte Group, was born in 1968, graduated from Seonggwang High School and Keimyung University's business administration department, and completed an MBA at Chung-Ang University. He joined Lotte Group in 2002. After serving as head of HR, head of strategic planning, head of strategic management, and head of the DT business division at Lotte Innovate (formerly Lotte Data Communication), he took office as head of Lotte Innovate in 2021, leading new businesses such as the Metaverse, electric vehicle charging, and Autonomous Driving as well as the group's IT (information technology) and DT (digital transformation). He joined Lotte Corporation in 2023 as head of the Management Innovation Office.
Noh has changed posts constantly over the past few years. In the "2025 regular appointments" implemented at the end of 2024, he was promoted to president and took charge of the Management Innovation Office, which integrated the ESG (environmental, social and governance) Management Innovation Office and the Business Support Office. A year later, he was named CEO of the holding company. He effectively received a promotion every year.
His lightning-fast promotion track is being met with the assessment that "those in the know knew." That is because at VCM (Value Creation Meeting), the Lotte Group presidents' meeting, over the past few years, Noh was unusually often given the floor. A Lotte Group official said, "There were several instances where Chairman Shin Dong-bin designated Noh to speak," adding, "It was the new power within Lotte that everyone in the know already knew."
Many say the background to Noh's selection lies in his presence coupled with unpolarizing speech. A Lotte Group official said, "Many people knew of Noh's presence, but he rarely swayed with the tides." In other words, he did not add comments to internal political moves that were not related to practical work.
Accordingly, he carries no label of being part of an "XX line." In the past, a tag indicating whose line a selected talent belonged to followed their name. Now, that has largely been seen as the legacy of OBs who have left Lotte Group. This has also been one reason Lotte Group's growth has been slow. A former Lotte Group official said, "If one must categorize him, Noh would be in the Shin Dong-bin line."
There is also an assessment that Chairman Shin's experimental appointments to break from inertia have reached completion with Noh's appointment. Shin has long hoped that Lotte Group would make a new leap by severing ties with the older generation that built Lotte during the era of his father, former Lotte Group Chairman Shin Kyuk-ho. A representative example is appointing non–Seoul National University alumni as CEOs in a Lotte Group that had been tightly connected through Seoul National University academic networks, or giving powerful authority to outside figures to keep in check those with deep roots in Lotte Group.
A Lotte Group official said, "Noh is someone who has delivered results in practical work over a long period," adding, "His political color is light and his on-the-ground abilities are proven, so Chairman Shin likely appointed him with peace of mind."
◇ Led Lotte Data Communication's listing and sales of noncore businesses
Noh was heavily involved in the 2018 listing of Lotte Innovate (formerly Lotte Data Communication). He reportedly stepped up even more actively than the CEO at the time. Noh was head of strategic management at Lotte Data Communication. He took the lead in communicating actively with the market about where Lotte Data Communication should head.
This was, in fact, a burdensome task. That was because Lotte Group had shifted to a holding company structure in Oct. 2017, and this was the first listing implemented for a subsidiary. Within the group, it was the first initial public offering (IPO) promoted in 12 years since Lotte Shopping in 2005. The group atmosphere was unsettled. At the time, Chairman Shin Dong-bin was embroiled in a Lotte Group management corruption case.
A Lotte Group official said, "For the IPO, someone had to communicate actively with the market, but it was a time when everyone wanted to 'hide behind the scenes.'" Moreover, if communication with the market went wrong, there was a risk that the stigma of Lotte Data Communication having grown on the back of Lotte Group's internal contracts would spread again. But Noh focused on actively publicizing the goal of growing into a global IT specialist. He actively engaged externally without paying much attention to how the group would view it.
He later led decision-making to sell noncore businesses at Lotte Corporation, including the sale of Lotte Rental, the sale of the ATM business unit of Korea Seven, and the sale of Lotte Chemical Pakistan. A Lotte Group official said, "There are many evaluations that he is a hands-on talent who knows how to deliver results," adding, "In everyday work, he also often says that one must grasp the essence of the business well." This is also Chairman Shin Dong-bin's core VCM message this year.
◇ Tasks: securing liquidity and improving the group's fundamentals
There is no shortage of tasks Noh must solve going forward. The sale of Lotte Rental has immediately hit a snag. With private equity's management failure cases, represented by Homeplus Co., coming to the fore, the Korea Fair Trade Commission has strictly judged transfers of ownership to private equity. Lotte Group is in a position where it must focus on a resale.
There are also issues of securing liquidity and improving the group's fundamentals. Since 2024, Lotte Group has been repeatedly named as a party to a liquidity crisis. That is because Lotte Chemical and Lotte Shopping, which should serve as the group's cash cows, are both posting lackluster results. Lotte Chemical is expected to see the light only after restructuring in petrochemicals is completed. In the meantime, multiple important decisions must be made. Lotte Shopping also needs to come up with answers for the rise of e-commerce. Noh must be involved in all of this.
A former Lotte Group official said, "Noh will feel burdened in that he must earn trust over the long term." That is because Chairman Shin Dong-bin has recently sought change within the group and has tended not to place trust for long periods. The official said, "The time Chairman Shin keeps talent in position and gives opportunities has become not so long," adding, "For now, Noh is the most prominent figure in the group, but things could change at any time. He needs to stay in sync."
People said to be in good sync with Noh at present include Hotel Lotte CEO Jeong Ho-seok and Lotte Duty Free CEO Kim Dong-ha. Jeong previously served as head of the Business Support Office at Lotte Corporation, and Kim served as head of the Corporate Culture Team at Lotte Corporation.