Lotte leader Shin Dong-bin stresses pivot to AI-centered innovation

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Lotte leader Shin Dong-bin stresses pivot to AI-centered innovation - Korea Economic Daily

Quick Summary:

He assumed the role following Lotte’s executive reshuffle last December – a move widely seen as a third-generation member of its founding family coming to the fore.2024 LOTTE INVESTMENT SHOWCASEBefore the VCM meeting, Chairman Shin and affiliate CEOs attended the 2024 Lotte Investment Showcase, a gathering of 16 in-house and independent startups, to have hands-on experience with the latest technologies in various sectors, including AI, robotics and logistics automation.

At Lotte’s biannual meeting of group affiliate executives, the Value Creation Meeting (VCM), the chairman also called on Lotte leaders to find new growth engines in the robotics and mobility sectors.“To overcome the crisis Lotte faces today, we must try and achieve innovation that has never been attempted before and apply new technology such as AI to our business models,” he said.

Shin Dong-bin, chairman of South Korea’s retail, food and chemicals conglomerate Lotte, on Friday urged affiliate executives to ramp up efforts to transform into an artificial intelligence-powered business group.