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 are representative examples. But now, as these corporations compete for the top spot in the global market, they have grown so large that the owner alone can no longer handle management. The role of the so-called "keyman," who manages each field from the closest seat to the owner and plays a crucial 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]
When Lotte Group announced its "2026 regular personnel reshuffle" on Nov. 26, 2025, attention among Lotte executives turned to 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. It also scrapped the long-standing business unit structure (BU system·HQ system). Instead, it seated CEO Noh Jun-hyung, in charge of strategy and planning, and CEO Ko Jeong-wook, in charge of finance and innovation, on either side of Chairman Shin Dong-bin. The appointments reflected an intention for Chairman Shin and professional managers to work in sync to steer Lotte Group forward.
In business circles, there was an assessment that Lotte Group could finally run the company according to Chairman Shin's intent. The disappearance of unnecessary conflicts between the business units and the holding company is the reason. 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 it," adding, "Figures who knew every detail of Lotte's past have all stepped down, and as the lineup has shifted to new faces, a foundation has been laid for decision-making at Lotte to be different from before."
◇ Faint political overtones, proven on the ground
According to related industries on the 5th, CEO Noh Jun-hyung, who handles Lotte Group's strategy and planning, was born in 1968, graduated from Seonggwang High School and the business administration department at Keimyung University, 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 the helm of Lotte Innovate in 2021 and led new businesses such as 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 roles constantly in recent years. In the "2025 regular reshuffle" carried out at the end of 2024, he was promoted to president and took charge as head of the management innovation office integrating 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. In effect, he was promoted every year.
There is an assessment that his lightning-fast rise was "known to those in the know." That is because Noh was unusually often given the floor at Lotte Group's presidents' meeting, the VCM (Value Creation Meeting), over the past few years. A Lotte Group official said, "There were several instances where Chairman Shin Dong-bin designated Noh to speak," adding, "It was the new power at Lotte that everyone in the know already knew."
Many say the backdrop to Noh's selection is that, while he had presence, his remarks were not slanted. A Lotte Group official said, "Many people knew of Noh's presence, but he rarely wavered in the winds." In other words, he did not weigh in on internal political maneuvers that were not related to on-the-ground work.
Accordingly, he carries no "XX line" label. In the past, those who were tapped often had a label indicating whose line they were in. Now, that tendency is largely a legacy of OBs who have left Lotte Group. This is also a reason why Lotte Group's growth has been slow. A former Lotte Group official said, "If you really had to categorize him, Noh would be in the Shin Dong-bin line."
There is also an assessment that Chairman Shin's experimental appointments, aimed at breaking from inertia, have reached completion with Noh's appointment. Chairman Shin has wanted Lotte Group to make a new leap by cutting ties with the older generation that built Lotte during the tenure of his father, former Lotte Group Chairman Shin Kyuk-ho. Representative examples include seating a non–Seoul National University graduate as a CEO in a group densely connected through Seoul National University academic ties, and giving powerful authority to outside figures to keep those with deep roots in Lotte Group in check.
A Lotte Group official said, "Noh is someone who has shown results on the ground over a long period," adding, "His political color is faint, and his practical abilities have been proven, so Chairman Shin likely appointed him with peace of mind."
◇ Led Lotte Data Communication's listing and the sale of noncore businesses
Noh was also heavily involved in the 2018 listing of Lotte Innovate (formerly Lotte Data Communication). He reportedly took a more proactive role than the CEO at the time. Noh was head of strategic management at Lotte Data Communication. He actively communicated with the market about where Lotte Data Communication should head.
This was in fact a burdensome task. That is because, after Lotte Group shifted to a holding company structure in Oct. 2017, it was the first listing carried out for a subsidiary. Within the group, it was the first initial public offering (IPO) pursued in 12 years since Lotte Shopping in 2005. The group atmosphere was unsettled. At the time, Chairman Shin Dong-bin was embroiled in a management corruption case at Lotte Group.
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 in the back.'" Moreover, mishandling communication with the market risked reigniting the stigma that Lotte Data Communication had grown by receiving internal group work. But Noh focused on aggressively publicizing the goal of growing into a global IT specialty company. He was proactive in external activities, paying little mind to how the group might view it internally.
He later led decision-making at Lotte Corporation to sell noncore business units, including the sale of Lotte Rental, the sale of the ATM business unit at Korea Seven, and the sale of Lotte Chemical Pakistan. A Lotte Group official said, "There are many evaluations that he is a field-oriented talent who knows how to deliver results," adding, "In everyday work, he often says we must clearly grasp the essence of the business." This is also Chairman Shin Dong-bin's core message for this year's VCM.
◇ Securing liquidity and overhauling the group's structure
There is no shortage of tasks Noh must solve going forward. The sale of Lotte Rental has hit a snag right away. With the failed management cases of private equity funds represented by Homeplus Co. coming to the forefront, the Korea Fair Trade Commission strictly judged transfers of ownership to private equity funds. Lotte Group is in a position where it must focus on a resale.
There is also the issue of securing liquidity and overhauling the group's structure. Since 2024, Lotte Group has been continuously named as a party to a liquidity crisis. The reason is that both Lotte Chemical and Lotte Shopping, which should serve as the group's cash cows, are posting lackluster results. Lotte Chemical is expected to only see the light once the petrochemical restructuring is complete. In the meantime, several important decisions must be made. Lotte Shopping also needs to come up with solutions for the rise of e-commerce. Noh must be involved in all of it.
A former Lotte Group official said, "Noh will feel pressure in that he must earn trust over the long term." That is because Chairman Shin Dong-bin, as he seeks change within the group, has recently tended not to place trust for long periods. The official said, "The time that Chairman Shin appoints talent and gives opportunities has not remained very long," adding, "For now, Noh is the leading figure within the group, but things can change at any time. They must work in close sync."
Executives said to be working well in sync with Noh at present include CEO Jeong Ho-seok of Hotel Lotte and CEO Kim Dong-ha of Lotte Duty Free. CEO Jeong previously served as head of the business support office at Lotte Corporation, and CEO Kim previously served as head of the corporate culture team at Lotte Corporation.